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Disability Insurance: What to Look for Online
Shopping for a disability quote online is quite beneficial; however, due to the fact that disability insurance quotes can be based on a variety of factors it is important to carefully consider what you need in a policy.
For example, there are a number of different types of riders which you can have added onto a disability quote. One type of rider you can add to a disability policy is a cost-of-living adjustment. With this option, you can rest assured that as time goes on your benefits will keep up with the pace of inflation. Even if the cost of living rises in Philadelphia, you will be well prepared. It should be understood that you will pay a price for this benefit; however. Generally, you can expect to pay an additional 20% on your premium.
Another option you can add to your disability insurance policy is known as a future purchase option. This option allows you to increase your coverage amount in the future as you earn more money without needing to take another physical.
You should also give some thought to whether you can afford to wait awhile before you disability insurance will begin to pay benefits. This can make a big difference in your premium amount in most cases. If you do not have any savings on which you can rely in the weeks following your disability, then you may feel that you need a policy with a shorter waiting period. You will pay more for your premium for this type of benefit; however.
One of the most important factors that should be taken into consideration when choosing a disability quote is whether you require short-term disability insurance or long-term disability insurance. Short-term disability will usually begin to pay after you have exhausted your sick leave and typically lasts about six months. This is the most common type of disability insurance provided by most Philadelphia employers. If your Philadelphia employer already provides this type of disability insurance, you may wish to obtain supplemental insurance for additional coverage.
Long-term disability picks up where short-term disability insurance leaves off. The time period for which this type of insurance lasts varies. Some insurance plans will last for only a few years, while others will provide coverage until you are age 65. Obviously, it is quite important to determine which type of insurance will best suit your needs and choose a disability quote accordingly.
