Disability Insurance Articles
Where To Get Disability Insurance For A Dangerous Career
2011-03-28
Your work puts you in harm's way. There's no way around it. You work so you can take care of yourself, your family, and your obligations. But what if an occupational hazard left you unable to do your job? If you've got the right career insurance, your bases will be covered.
When shopping for disability insurance, the most important thing is to not get overwhelmed. There are brokers, providers, agencies-all with hundreds of different amounts of coverage to choose, all willing to tailor a plan that exactly suits their customer and closes their sale. But by following these disability insurance tips, one who is shopping for career insurance can rest assured that they've made the best decision available to them.
If an individual works in a physically perilous profession (construction workers, police officers, fire fighters, miners, etc.), that person has been identified as a higher risk to insure risk than office professionals. Statistically, there have been far more occupational disability claims from these dangerous careers. Therefore, premiums tend to be high.
When setting up a Long-Term Disability (LTD) policy, an agent or broker representing the insuring company will administer an in-depth interview to assess your risk. Occupational hazard is usually rated on a one through four scale. There are a number of things to look out for when making a decision.
It is important to understand the insurer's definition of disability. Some policies pay if a worker can no longer perform their specific function, while others only cover a worker that cannot work at all.
Discuss the policy's extent of disability. Partially disabled workers sometimes do not qualify for full payment.
Establish a satisfactory length of payment. Policies can be tailored to specific anticipated needs-the premiums reflect these specifics. Some plans pay for two to five years, while others pay until the insured reaches age 65.
Look for a waiver of premium provision. If the insured is disabled for more than 90 days he will not have to continue payment of his premium.
Careers in these fields are usually insured by their employers. The premiums are much lower if, for instance, a commercial construction company attaches LTD policies to their entire staff of 150, rather than an individual person working with an agent, attempting to underwrite a policy of their own. Of course, the benefit of an individual policy is that it can be custom-fit to the needs of the individual. While safety is never a guarantee, with these disability insurance tips, you'll be better informed and better prepared to make sound decisions when it comes to Long Term Disability Insurance.