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Do you know how to save on disability insurance?

Although you may be interested in buying disability insurance, you know one thing to be true: It has to fit in with your budget. For this reason, you need to consider all your options.

The cost of disability insurance varies from one person to the next, as this is based on factors such as age and overall level of health. Fortunately, there are a few steps you can take to save money.

Above all else, consider if you can purchase group disability insurance through your employer. This is almost always cheaper than buying an individual policy.

From there, review all your options in regards to the elimination period. This is one of the details that have the biggest impact on the premium.

Finally, don’t overlook the fact that it is easy to make the mistake of buying more disability insurance than what you really need. Once you have a budget in place, once you know how much coverage you need, you can then make an informed decision.

Just the same as any type of insurance, you need to know exactly what you are up against when buying a disability policy.

From the benefit amount to the elimination period, there are a lot of details that deserve your time and attention. When you focus on these, you know you will be in position to get what you want.

Final tip: read over the terms and conditions of a disability insurance policy before buying. You want to understand the ins and outs of the policy, including what happens if your claim is denied and you need to file an appeal.

Source: Valic, “Disability insurance,” accessed July 18, 2016

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