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Details to consider when purchasing disability insurance

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It doesn't matter if you are one of our California readers or live in another part of the United States, there are details to consider when shopping for a disability insurance policy.

Many people are turned off by the finer details to the point of never purchasing the coverage they need. Fortunately, understanding the ins and outs of disability insurance is easier than ever before.

While there are many details to focus on, one of the most important is the benefit period. You want to know how long you will be covered, as this will definitely come into play if you are injured or struck with an illness. The longer your benefit period the better chance there is that you are going to be covered during the entire length of your recovery.

Another frequently overlooked yet important consideration is if a cost of living adjustment is included in the policy. With this, your benefit payments would increase after a disability occurs.

As a business professional, there are specific types of disability policies to consider, including: disability buyout, key person disability, and business overhead expense.

When purchasing a disability insurance policy, details like these need to be considered along the way. By paying close attention to such details, it becomes easier to make a decision as to which type of policy should be purchased.

In the event that a person has a policy but his or her insurer does not want to pay a claim, an experienced attorney can be hired to protect the rights of the policyholder and to ensure a multi-valenced process proceeds smoothly.

Source:  The Valley Business Journal, "What to Look for in a Disability Insurance Policy" Julie Ngo, Feb. 04, 2014

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