3 Features that should be considered on every Disability Policy

Riders and features worth considering

Consider these features on your Disability Policy

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Shorter Waiting Periods

What's a waiting period? A waiting period is the amount of time you must miss from work due to a sickness or injury before you become eligible to receive your disability benefits.  

Most disabilities begin as partial - Because most disabilities occur over time it's essential to ensure that the policy you purchase allows for an accumulation of days to count towards your waiting period.  If your policy states that your waiting period must be total and continuous then what might look like a 90 day waiting period on the surface statistically can be more like 6 months to 1 year before you are disabled to the point where you are missing 90 days consecutively from work.  

Premium Guarantees

How do you know if your premiums are guaranteed? When your policy includes "Non-Cancellable" it means that your premiums are guaranteed from increasing at least until your age of 65.

Coverage offered through graded or step rate premiums as well as plans provided through professional medical associations like the AMA do not offer guaranteed premiums often costing you thousands more per year as you age in your specialty.

Future Increase

How do you know you'll be healthy enough to increase your coverage in the future when your income goes up? You don't, but with a future increase rider on your policy, your future health won't matter.  If your income justifies an increase in coverage your future health will not be a condition of increase.