Disability Insurance Articles

3 Factors That Will Affect Your Disability Insurance Quotes

2011-02-08

When deciding to purchase disability insurance, it is important to note several factors defining the type of coverage that is available to the individual, and at what cost that coverage comes. There are three factors that will affect one's disability insurance quotes: occupation, health history, and the global economy. These three factors will be taken into consideration when calculating one's low disability insurance premiums.

Depending on one's occupation, there are different types of disability insurance; for instance, there is disability insurance for doctors, dental practitioners, and other occupations. Each occupation, depending on the risk level involved, carries different low disability insurance premiums. When calling to investigate disability insurance quotes, be sure to have as much information handily available to help speed up the process. Remember to explain in detail what one's job entails; this way, both insurer and insured can know that he or she is getting the proper coverage and the best deal possible.

When it comes to an individual's health history, some factors can directly affect his or her disability insurance premiums, much the same as health history affects health insurance quotes. Factors such as smoking or heart trouble are not taken lightly. Some factors, such as cancer or other sometimes fatal diseases, can completely negate an individual's chances for even obtaining disability insurance.

Studies have shown that having had surgery for any reason can significantly raise one's disability insurance premiums. For instance, it has been shown that ladies that have had to have a caesarian birth are much more likely to have higher disability insurance premiums than ladies who have not, simply because she has been subject to a major surgery. It makes no difference that there is nothing medically wrong. In the eyes of the insuring company, that surgery poses a higher risk than that of people whom have never had to have a surgery.

Along with occupation, probability of disability, and health history, there are external factors as well, such as the global economy, which must also be taken into account. When the world's economy is on a high note, insurance companies are much more lax in providing insurance, as the banks that back these agencies have the money in hand to pay out claims when need be. When the economy is in turmoil, however, the backing banks lack necessary funds to cover a large amount of claims, so either premiums will go up, or the amount of policies granted will go down.

Overall, there are a multitude of factors that will determine an individual's disability insurance quote. It will be important to obtain as many different quotes as possible to make an informed decision.