Disability Insurance Articles
Finding Disability Insurance After An Accident Occurs
2010-09-15
Finding post accident disability insurance might seem like an overwhelming task, but knowing where to look for disability insurance quotes and how to approach your insurance company can mean the difference being covered and being left to fend for yourself in the event of an accident.
Disability insurance is designed to replace a percentage of your income should an accident, illness or other disability prevent you from working. Premiums are based on factors such as age, coverage needs, occupations, etc. Because of the prevalence of accidents (many statistics show a disabling accident occurs every moment in the US), disability insurance is no longer a luxury; it's a necessity when looking for insurance quotes.
Each insurance company has its own rules regulating disability insurance. When looking around for disability insurance quotes, therefore, it's not always wisest to simply choose the cheapest option. Instead you should thoroughly research what is covered when and how your disability will be dealt with.
When looking for disability insurance quotes, it's important to determine how much money you and your family will need to replace your normal income should you be unable to work. It's also necessary to investigate how your plan deals with renewability. Ideally, disability insurance will be guaranteed as renewable (ensuring that your carrier cannot cancel your policy even in the event that you become a bigger risk) and non-cancellable (meaning the carrier will continue to renew the policy in its original form without increasing premiums).
One of the most important things to look for when gathering disability insurance quotes is how long the waiting period is before claim payments start. Most companies will offer lower rates if the insured will agree to wait a longer period of time before receiving claim payments. While this price break might seem like a good deal, keep in mind that if you agree to wait 180 days before receiving a claim payment, your insurance company won't have to pay a claim for your post accident disability if it occurs within that period of time. Also, it's key to find out how your insurance will pay out claims in a situation where you are partially, not fully disabled.
The easiest way to avoid the stress of looking for disability insurance quotes after an accident is to inquire now about post accident disability and how you are currently covered. While many employers include disability coverage in the insurance they provide to workers, some do not. If yours does not, you should seriously consider purchasing disability insurance privately. It's worth the extra money and hassle of shopping around for disability insurance quotes to know you and your family are protected.