Disability insurance for a young or growing family is paramount. Whether it’s just you and your partner, or you also have children, protecting your income today and in the future can be done at a reasonable price with some sound advice. As you progress in your career whether it is from promotions, raises, or finding opportunities elsewhere, you can protect your income today with your disability policy and add riders to customize your future coverage as well. As your income grows, you don’t have to worry about being underinsured or applying for a whole new policy – you can simply increase your coverage using the future insurability option, with no medical underwriting needed!
Disability insurance is protection for your income, so anytime there is a change in your income, your disability insurance need may also change. As mentioned above, the future insurability option gives you the ability to increase your coverage quickly and easily, but there are several other riders that can ensure you coverage grows with you. Purchasing individual disability insurance rather than just relying on group coverage also gives you the freedom to change jobs, or even start a business. If you don’t have sufficient disability coverage, it is common for people to dip into their retirement savings, and all too often, sacrifice their retirement plans. It could force you to work longer, live more frugally in retirement, or maybe never retire at all. Disability insurance makes certain that you don’t have to gamble with your retirement.
If you become disabled, and have an active disability insurance policy, contact our team at Hometown Life Insurance and we will assist you with the claims process. When the claim is filed for processing and the waiting time for the policy is satisfied, you will begin receiving your monthly income payment. Having a disability that doesn’t allow you to work can be taxing and stressful, we are here to make the process as easy as possible!
There is no cost to you, as the policy owner, to get a disability insurance quote, apply for a policy, or even any medical underwriting requirements. The only payment that you will make is your premium payments when your policy has been approved and is ready to activate. Your annual or monthly premium payments will ensure your policy remains in force. All it takes on your end is some time to go through the process of applying for insurance to protect yourself and your family.
Underwriting for disability insurance is similar to other personal insurances, like life and critical illness. The application is used to ask questions to get familiar with your situation and risk level. The questions about your health, occupation, medical details, lifestyle, income, etc. are all there to help guide the underwriter’s final decision. The underwriting process for disability generally takes a little longer than other forms of insurance because of all the pre-existing conditions that could cause a disability, but most of the work is done behind the scenes by the insurance company and isn’t a burden on your time.
The additional features available to customize your disability insurance coverage are called “riders”. Disability insurance has several common riders that you can use to build out your coverage. They include: regular or own occupation, partial or residual coverage, cost of living adjustment, future insurability option, return of premium, and more. You can find information about all of the riders in the FAQ’s section of our disability insurance pages. The details of a disability insurance policy tend to be more complicated than other types of insurance policies, so it is important to review your needs with a licensed professional. Our Hometown team are here to support you in finding the proper coverage options for you and your family.