Disability Insurance Articles

Tips For Getting Lower Disability Insurance Rates For High Risk Workers

2011-08-31

High risk workers pay more for disability insurance, as there's a higher than average chance that they'll present a claim some time during the course of the policy. Insurance companies need to manage their risks, so they charge more for these individuals. However, a high risk worker can still find an affordable disability insurance rate with the right techniques.

One way that high risk workers can manage their premiums is to look into other risk factors that might be controllable. While most workers can't change their occupations very easily, getting into shape is a much more manageable proposition. Most disability insurance companies will offer lower rates to workers who stay in shape, as healthy workers have a lower-than-average chance of submitting a disability insurance claim. Workers can also increase the elimination periods on their disability insurance policies, although this can be a risky proposition--a longer elimination period means more money out of pocket if a claim is ever necessary. Buyers should be careful to remember that if a policy doesn't offer sufficient coverage or if its elimination period is too long, it's not very valuable and won't be worth its cost.

Another way to get lower disability insurance rates is to compare plenty of policies before settling on one. Even if an employer offers disability insurance, the employer's plan may not be the best available option, especially for a high-risk employee. Looking for disability insurance quotes online can often yield some surprising results. High-risk workers will need to enter basic information, such as age and location, as well as some information about their occupations. Once this information is entered, an insurance comparison website can generate a few disability insurance quotes. The insurance buyer can then evaluate each quote to choose a policy that combines protection of an acceptable percentage of income and low monthly premiums and elimination periods. Insurance comparison websites can be extremely helpful for high risk workers, but they can't completely overcome the heightened risk that comes with a dangerous occupation; rates will still be higher than they would be otherwise.

The bottom line is that there's no way to get a lower disability insurance rate for a high-risk worker than a low-risk worker, but by evaluating insurance options and by managing risks, high-risk workers can still find affordable rates. All disability insurance policy holders should read several insurance quotes before signing up for disability insurance, even when a policy is offered through an employer. To keep rates low, it can also be helpful to check quotes online every few months. High-risk workers are especially susceptible to overpaying, but researching disability insurance costs is easier than ever.