I realized after contacting Set for Life, I did not need to shop elsewhere.  They did all of the legwork and simplified the process for me. Thank you, Set For Life!

— Dr. Vu T., Cardiologist, Washington, DC

Disability Insurance Shopping Tips

Shopping for an individual disability insurance policy can be be complicated and overwhelming. Policy provisions and premiums vary from company to company. It is important to prioritize what is important to you and how much would be needed if you were unable to work. When shopping, keep in mind the following:

Eligibility/income and participation limits.

There is maximum amount of disability insurance you are eligible for based on your income and the amount of other group or individual disability benefit you have in force.

Choose Riders Carefully.

Riders are benefits that are added on to the policy. Prioritize which riders are most important to you.

Look for available discounts.

Discounts are available if 3 or more people from the same employer apply for a policy. These discounts range from 10 to 40%. Set For Life by KF Financial already has numerous discounts set up around the country. Be sure to tell us where you work and we can determine if a discount is already in place.

Look at company ratings

It is important to look closely at a company’s financial ratings by 3rd party services.  We prefer to work with companies that have an A+ or A++ rating by AM Best to ensure quality and stability.

Look at the overall picture.

Cost of disability insurance is important. However, disability insurance is a complex product and there are variations from policy to policy. Least expensive does not always mean the best fit for your situation.

Work with a broker who specializes in disability insurance.

Working with a broker provides you with an objective perspective since they do not work for any particular company. Brokers work on your behalf, not the company’s. Furthermore, brokers can represent multiple companies. If you work with an agent of a company, they will most likely only show you one company (the one on their business card) that may or may not be the best fit for you. Furthermore, disability insurance can be very complex. Be sure to work with someone who really knows this area of insurance.

 

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