Disability Insurance Articles

Understanding When Disability Insurance Benefits Will Cease

2010-11-16

One of the most important parts of a disability insurance policy is the terms that explain conditions for termination of benefits. All policies end their benefits after a certain point, and when buyers look at disability insurance quotes, they should be careful to take these termination conditions into account. A policy may offer great premiums, but if its benefits will terminate within a few months of a major sickness or disability, it may not be worthwhile. There are several major ways in which termination of benefits are determined, and by reading your policy and any disability insurance quotes that you've received, you should be able to determine which of your options is best for your financial situation.

Most disability insurance policies will state that benefits will expire after a given number of months or days. Keep in mind that policies generally have language that also restricts when benefits will begin; you may not receive any payments from your disability insurance company until you've been unable to work for a week or more. It's a good idea to consider both the expiration of the policy and the waiting period when you're looking at disability insurance quotes, as this is the best way to assess how much money you'll get if you have a serious disability or medical issue that forces you to stop working for a year or more. Find out whether each policy is geared more towards long term or short term disability in order to select a policy that matches your needs.

You should also note that there may be additional conditions for termination of benefits. If the insurance company discovers that you've lied on any part of your application, they may be able to deny you benefits. This is particularly true when it comes to sections of your application that address preexisting conditions and work hazards, so be sure to fill out disability insurance applications and quote forms as accurately as possible. Your insurance provider may also be able to stop you from receiving payments if your doctor says that you can go back to work or if you haven't been seeing a physician regularly for your condition. Be aware of these types of exclusions before you apply for benefits, as they may be absolutely crucial in ensuring steady benefit payments.

There are dozens of major companies that provide disability insurance, so if you don't agree with termination of benefits conditions from one company, look for another. Disability insurance can be a major purchase and premiums can quickly add up over a few years of coverage, so researching quotes is essential when making a decision.