A number of online companies will give you disability insurance quotes, but without having a little background knowledge, you may end up comparing apples to oranges. To avoid some of the confusion that comes with comparing prices and policies, it is extremely helpful to know what types of benefits are included in the policies you have been offered. With this information you will be able to truly compare disability insurance quotes in order to get the best value for your money.
What are the terms included in the various disability insurance quotes? In order to compare quotes, you need to ensure that the coverage for the policies is similar. For example, most policies are not going to cover a disability that was preexisting. Likewise, worker's compensation policies are unlikely to cover disabilities that did not occur on the job.
It is also worthwhile to determine how your policies work together. If you are in an auto accident, it is possible that your car insurance will pay for lost wages. In this case, it might be unnecessary to make a second claim on another insurance policy. In other cases, you may not be allowed to make both claims, so it is important to check into this possibility in advance.
You will also want to consider how the policy pays off if you should ever need to make a claim. Some disability insurance will pay a percentage of your income, while others will simply pay a flat monthly fee. In the majority of cases, the disabilities are temporary, and you will eventually be going back to work and returning to your full salary. If the disability is longer than that, your policy may stop paying after a predetermined amount of time. Make sure you take this into consideration, as well, when you compare the different disability insurance quotes.
Disability insurance policies can be very fickle, so it is especially important to consider what happens in case of partial disability. In many cases, disability insurance quotes are only for policies that cover you in case of total disability. This means that someone who is only partially disabled will not be able to collect despite their illness or injury.
Total disability means that the insured is completely unable to work. If you are able to hold a job, even though it may pay way less than your previous one, your insurance policy may not have to pay off. For this reason, many people, especially those with higher-paying occupations, choose to purchase own occupation policies. These are also referred to as own-occ.
For example, say that a doctor becomes injured and can no longer perform surgery. He or she will likely lose a large salary. If it is determined that the doctor can still take a job in an office for a fraction of the previous salary, the policy may not have to pay. For this reason, many doctors would be best served by comparing disability insurance quotes for policies that pay out if they can not return to their own occupations.
Different countries have different rules about coverage in case of a disabling injury or illness. In some places, the government steps in to make a contribution to the care of someone who has become either partially or completely disabled. The worker's compensation mentioned above may also come into play for those injured on the job. Auto insurance, homeowner's insurance, and life insurance policies may all have their own disability riders, so take these into consideration when comparing other disability insurance quotes.
Andy West is a writer for Doctor Disability, which provides an easy way for physicians and dentists to request and compare disability insurance quotes.