Health Insurance - Top Ten Questions

Disability Income Insurance

  1. Are there any coverages or benefits available to cover my income losses due to disability?
  2. How do other coverages or benefits available to me affect the amount of disability income insurance necessary to cover my income losses?
  3. Is there disability income coverage available from a group source such as an employer where the group policyholder might contribute to the premium or must I purchase individual disability income coverage and pay for it myself?
  4. What is the difference between short term disabilities, long term disabilities, total and reduced/partial disabilities? Can I purchase disability income coverages necessary to cover all of these types of disabilities?
  5. What is the effect of my current or past medical conditions on obtaining individual disability income coverage?
  6. Can the insurer apply a pre-existing limitation to the coverage?
  7. What are the renewal provisions?  Is the coverage “guaranteed renewable” and/or “non-cancelable” to age 65 or Social Security retirement?
  8. Is coverage portable when changing jobs?
  9. What are the premium rates the various disability income insurers charge considering my age, medical condition, occupational classification and length of time (benefit period) benefits are to be paid?
  10. What is an elimination period, and how does it affect my coverage?