Certain products have cycles which translate to ideal time for consumers to purchase their product. For example, the best time to purchase a new car is typically in September when the new models arrive. Purchasing the current year model can result in big savings.

But what about when it comes time to purchase an individual disability insurance policy. When is the best time to buy?

The best time to purchase an individual disability insurance policy is before you need it. Sounds simple, but it can actually be complex. Disability insurance can be the most difficult type of insurance to obtain because the underwriting standards are much stricter than other types of insurance due to the level of risk and more claim potential.  If you wait until you have been involved in a car accident with injuries, you may find yourself with a policy with exclusions.

Here are some other tips to purchasing disability insurance:

• Purchase your policy prior to age 40. Premiums start to rise more dramatically at age 40. If you can lock in your age prior to 40, you may save a lot in the long run.
• If you are a medical resident, purchase your policy prior to finishing your residency. As a resident, you may be eligible for a larger benefit and there are no financial documents required.  If you will be working at a place with a large group policy, that policy may limit the amount of individual benefit you can purchase. If you purchase your policy while in residency, you have the opportuunity to be more adequately insured.
• If your employer has discounts, purchase the policy prior to leaving your employer. These discounts can save you significantly.
• If you are moving to a different state, find out which state has better rates.
• If you will be starting your own business in the future, purchase your policy while you have a guaranteed salary for income verification purposes.
• If you are changing medical specialties, purchase the policy while in the more favorable class. For example, if you are working in internal medicine or pediatrics, purchase the policy prior to changing to a more invasive specialty such as interventional cardiology.
• If you think you may want to become a private pilot in the future or take on a dangerous activity, you may want to purchase your policy first.

For more information about purchasing individual disability insurance and to request a quote, please contact the Set for Life Insurance office today.