Disability Insurance Articles

3 Factors That Can Quickly Raise Your Disability Insurance Quotes

2011-07-20

Disability insurance quotes are figured based on dozens of factors. Everything from a buyer's credit history to the buyer's gender can make a difference, but there are certain disability insurance factors that can have a particularly pronounced effect on the cost of disability insurance. Knowing a few of these factors can make it much easier for buyers to understand their own risks, which in turn leads to a more comprehensive policy with a fair price.

Health is one such factor. Realistically, buyers should understand that any aspect of a policy holder's health can affect disability insurance quotes, but disability insurance companies are much less stringent in evaluating these factors and in increasing premiums. Still, disability insurance policy holders with preexisting health conditions may find it difficult to find a policy or see elevated rates if their conditions could potentially increase the chances of a disability insurance claim. This is especially true if a policy holder has submitted a disability insurance claim in the past--the insurance provider will see this as a sign that future claims will be likely. Disability insurance buyers can avoid increased disability insurance quotes due to a preexisting condition by getting a doctor's note indicating that a condition has been successfully treated.

Another factor that quickly raises disability insurance quotes is age. Older buyers will have a tougher time finding low quotes, as according to insurance company actuarial tables, they represent more of a risk. There may be ways for older buyers to lock in lower rates, despite higher-than-average quotes. Comparing quotes, asking an employer for help with premiums or submitting to a physical examination can lower the cost of disability insurance for an older buyer. Age can be particularly important depending on the profession of the insured, and as buyers age, they may see their disability insurance quotes rise drastically depending on the pricing strategies of their disability insurance providers.

Finally, one of the most important disability insurance factors is the amount of time that a policy buyer spends before deciding whether or not to purchase a policy. If a policy buyer simply purchases insurance from the first provider that he or she looks at without carefully determining an expiration period and other important aspects of a disability insurance policy, there's a good chance that his or her rates will be much higher than necessary. Buyers should be careful not to overbuy, but many policy holders don't take the time to perform adequate research before making a purchase. Understanding the disability insurance factors that lead to a pricing decision and looking into various options before a purchase is the best way to control disability insurance policy costs.