Disability Insurance Discounts: Too Good to Be True?

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Whenever a prospect compares one of the Set for Life Insurance discounted policies to a non-discounted policy, they typically ask “is this too good to be true?”

The answer is a resounding “no!”

Not all disability insurance discounts are created equal. Here is a guideline to determine if your disability insurance discounted policy is too good to be true:

  • Make sure your discounted policy is permanent. Can it be removed?
  • Does your disability insurance discount apply to future increases? In other words, when you increase your policy in the future, will the increases be at the discounted rate? If you have an adjustable contract, the policy is simply amended and therefore the discounts apply. If you purchase a policy that has “future increase options” or “future purchase options” those future purchases will create a new policy. If you are no longer at the discounted employer, your discount will not apply.
  • Unisex rates. If you are a woman, the unisex rate will dramatically reduce your rate. If there is an employer discount on top of the unisex rate, you can expect to save approximately 55%. Too good to be true? No!

So, how do you buy a discounted disability policy?

  • Work with an established brokerage such as Set for Life Insurance. Once they have those discounts set up, future employees at those discounted employers are eligible for coverage.
  • Talk to your broker about setting up a discount. This typically requires at least 3 people from the same employer to establish the discount.

For more information about disability insurance discounted rates or to request a quote, contact Set for Life Insurance today!

 

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