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Buying disability insurance with optional benefits

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If you find yourself in the market for disability insurance, if you realize this could bring an added level of comfort to your life, it is important to understand the benefits, drawbacks, and many options you can choose from.

When you buy disability insurance, don't look at it as a waste of money. Instead, consider this an investment that could protect you and your family should you become injured or ill to the point of not being able to work.

If you receive disability insurance through your employer, you may not have many options. However, if the benefit is free or cheap to purchase, it goes without saying that you want to take full advantage.

When buying an individual disability insurance policy, there are optional benefits to take advantage of. You don't have to add these to your policy, but you should at least consider what they have to offer. Some of the most common optional benefits include:

-- Cost of living adjustment rider

-- Future insurability options

-- Hospital confinement indemnity benefits rider

-- Critical illness benefits rider

Do you need to purchase these optional benefits? Absolutely not. Even so, it is something you want to consider because the right addition could make your policy even more powerful in the event that you become disabled.

When buying disability insurance, pay attention to what is and is not covered by your policy. You don't want to think you are covered for something, just to find that you aren't if you make a claim.

In the event of a denial, don't hesitate to learn more about how to appeal. You have paid for coverage, and if you are in position to receive benefits you don't want to get the "runaround."

Source: Mutual of Omaha, "Tips for Buying Long-Term Disability Insurance," accessed Oct. 26, 2015

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