Ask most disability insurance brokers when you should buy an individual disability insurance policy and they will tell you “right now! Sooner is better than later!”
But that is not always the case. Like most situations, it depends on your individual needs.
Here is a list when it makes sense to WAIT to purchase your individual disability policy.
1) You are moving to a different state. Rates are state specific and some states like California and Florida tend to be more expensive. If you currently are moving from those states, wait to purchase your policy until you are in your less expensive state.
2) Discounts. If you are planning to change jobs or move to one that already has a disability insurance discount, wait to purchase your policy. Men will save about 15-20% and women may save 55-60% by waiting! These discounts especially help medical residents, CRNAs, dentists, dental students, medical students and physicians as most of the discounts are available at university hospitals and large medical groups.
3) You are working on a positive change in health. Perhaps you recently quit smoking, lost a lot of weight or are no longer taking anti-depressants. Companies want to see stability in these habits, typically at least a year. If you are currently a smoker or are obese, your rates are going to be much more expensive.
The best thing to do is to work with an experienced disability insurance brokerage such as Set for Life Insurance where they can analyze your individual situation and guide you to make the best decision for you. Purchasing a disability insurance policy can be a big decision and you want to make sure you have considered everyone and you are working with someone who can help guide you in the right direction.
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