The risk of falling ill at the workplace or meeting with an accident is real but that risk is covered by the company’s employee insurance plans. However, if you fall ill outside the workplace and suffer an injury that puts you out of action, you may have to face severe consequences. Especially, if you are not covered by a worker’s compensation plan for non-work-related illness or injury.
If you are not covered by any disability insurance, this is the right time to consider getting one. After all, you never know when an accident can pull you down and put you out of action and for how long. Choosing the right disability plan from the best disability insurance company is necessary to maximize the benefits.
You can either get an individual disability policy or get covered under a group policy sponsored by your employer. The problem with group plans is they limit your enforcement of coverage under specific federal laws. The advantage of a group plan is that your employer pays for most of the premium (and even all of it in some cases).
It is better to purchase your own individual disability insurance policy if you can afford it. Look for an insurance company that offers both short-term and long-term disability coverage. While they come expensive, they provide wider coverage and give you good value for your money.
Look At How Disability Is Defined
Take a close look at how your insurance company defines disability because a play with words can have a huge impact on the benefits. Make sure you consult an expert disability insurance broker before you go ahead with the buying decision. Choose a plan that comes with the standard ‘Any Occupation’ instead of the specific ‘Own Occupation’. The former plan will allow you to earn a significant percentage of your salary.
Is Your Policy Portable?
If the disability insurance is through your employer, check if the coverage will continue if you move to a different job. A non-portable insurance will not provide coverage if you hop jobs. Choose an insurance plan or a provider having portable disability insurance that will cover you regardless of whom you are working with.
Check Your Premium
This is one of the key factors in deciding the purchase of disability insurance. Some policies come with a fixed premium while others don’t. Then there are others such as guaranteed renewal and non-cancelable. In the former, the premium can change. In the non-cancelable policy, the premium remains static if you are regular with payments. Find a company that considers your needs and offers a disability policy that maximizes your benefits.
Are Any Changes In Coverage Mentioned?
Disability companies can change the terms and conditions of the disability insurance policies at any time over the course of its term. This clause is incorporated to allow them to increase the coverage rates when they want. Generally, it is triggered at renewal. Make sure you choose an insurance company that is known for being transparent and honest about such crucial terms so that you can make the right decisions.
MGIS is the first choice for people looking for a trusted and experienced disability insurance provider. They have an established network with the best brokers nationwide and offer disability insurance services and products designed to help you tide over tough times.