Purchasing Disability Insurance the Hard Way

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Purchasing an individual disability insurance policy is a process. There is an easier and a harder way.

Here are some of the harder ways to go about applying for a disability insurance policy:

1) Wait until your age ends in a 5 or 0. These are the years when the rates tend to jump. The longer you wait to purchase a policy, the more expensive it will be, especially in those years.

2) Wait to purchase a policy until you have been diagnosed with something or have been injured. I’m amazed that we get calls from people in the hospital looking to purchase a disability policy because they were in an accident. By the time you need your insurance, it is too late to purchase it! People don’t tend to have fewer health issues as they age.

3) Wait until you are 60 years old. Most companies will not issue policies if you are age 60 or older.

4) Wait until you are unemployed or just started a business. You need to be able to show proof of income to qualify for benefits. This may be a pay stub or tax return. If you are starting a business, they will need to see a track record of at least 1 or 2 years.

5) Start smoking or become obese. Smoking will increase your rates by at least 30% and being obese may also increase your rates.

The best time to purchase an individual disability policy is while you are young, healthy, gainfully employed, are a nonsmoker and are not obese. Easy enough?

For more information about applying for an individual disability insurance policy or to request a quote, contact Set for Life Insurance today!

 

 

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