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What Factors Determine the Cost of Disability Insurance Policy?
Disability insurance is considered a good way to replace income when a person is unable to work due to illness. Unlike in the past, many people are seriously interested in disability insurance policy. After all, it’s one of the most viable ways to secure your future when you’re down on your luck. Today, two forms of disability insurance policies exist in the market. They are called short term disability policy and long term disability policy.
These two policies are separate from each other in terms of payout. Long-term disability policyholders can receive payments for life as long as they are disabled. On the other hand, short-term disability policyholders could receive payment for a period of one year or even less than that. Either way, you’ll need to get a policy first to take advantage of the benefits. Like everything else in life, a disability insurance policy comes at a price. Let’s take a look at the factors that determine the cost of disability insurance policy.
The elimination period is one of the main factors that determine the cost of a disability insurance policy. Basically, this is the period of disability before you start receiving your payments. As you’d expect, those opting for a longer elimination period face a low premium. On the other hand, those who opt for a shorter waiting period will have to bear a high premium. Besides the waiting period, the benefit period also plays a big role in determining the cost of the disability insurance policy. The benefit period is the period during which benefits are paid to the policyholder. Needless to say, a long benefit period would imply a higher cost as opposed to a short benefit period.
The profession of the insured also has a major role to play because insuring people who work in a risk area can be a costly affair for the insurance company. Therefore, people involved in certain types of hazardous work may have to pay more for a disability insurance policy. Your medical records and the amount of money you receive each year will also be checked. Needless to say, having a clean medical record always helps. Insurance companies generally don’t like to offer coverage to people who don’t have a clean medical record. Even if they issue a policy, you will have to bear a higher premium.
Finally, the sex and age of the interested prospect are also evaluated to determine the cost of disability insurance. Thus, most insurance companies have the right to increase their premiums. Typically, companies with little reputation resort to such price-raising practices very often. Dealing with Empire Life Insurance and Transamerica Life Canada can turn out to be good business here, as these companies have helped dozens of people over the years. Experts generally advise people to get quotes from numerous companies to get good rates on an insurance policy without compromising on quality.
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