Acquiring a disability can reduce or eliminate your ability to work, and without disability insurance you can quickly develop financial trouble as bills continue to arrive in your mailbox while a paycheck doesn’t. With the government estimating that 30 percent of working Americans will encounter some type of disability during their life that prevents work, now is the perfect time to learn how to get disability insurance.
Consider whether you want short-term or long-term insurance. Some people with disabilities are affected for only a short time and are able to return to work once they have recovered. Others are permanently disabled. You need to determine whether short-term or long-term insurance is better for your needs. Most people get short-term insurance that lasts for a few years, since a permanent disability usually allows you to receive benefits from the federal government.
Determine how much disability insurance you need. Figuring out how much disability insurance coverage you need is harder than figuring out how much coverage you need for your vehicle or home. Ideally you should get enough coverage to pay your bills and meet your expenses for a minimum of two years. This provides you with the time needed to meet the government’s criteria for being disabled and apply for disability benefits.
Estimate the premium you can afford to pay. Before you begin getting disability insurance quotes, it’s important that you review your budget and determine how much you can afford. If you’re already strapped for cash, you might consider ways to scale back on other expenses to be able to pay for disability insurance.
Request quotes from disability insurance providers. There are a number of different companies that offer disability insurance, and it’s important that you contact at least three to get different quotes. By seeking out quotes from different organizations, you can find the price and the policy that are perfect for you.
See if you qualify for any discounts on insurance premiums. Employers often provide their employees with the opportunity to purchase disability insurance for a reduced cost. You can check with your human resources department to see if a reduced rate on disability insurance is part of your benefits package. In addition you can ask individual companies if they offer any discounts for members of professional organizations you belong to.
If you experience a disability that prevents you from returning to your old job but not from working entirely, you may qualify for free money to retrain to a career you can perform even with your disability.
To qualify for disability benefits and receive them from the federal government you must have a documented medical condition or disability that prevents you from working for a minimum of at least one year.