Selecting a suitable policy from the various disability insurance companies can be a trying and arduous task. There are many different factors and policies to consider, and the results can be overwhelming. Not only are there different variables that affect a policy, but the companies can have may different policies which are all affected by many different variables, not to mention the difficult task of trying to sort through the contractual jargon. It is also important to note that individuals who are self-employed or do not receive work benefits may want to individually insure themselves against future mishaps.
There are many variables and questions that must be answered in order to insure the most appropriate disability insurance coverage. For example, whether or not the disability was predictable and resulting from a previously-known chronic illness is a major variable that influence policy coverage. Disability insurance companies would also need to know if the disability was work-related, because coverage might change depending on the circumstances, or if the beneficiary is partially or fully disabled. In some cases, the insurance policy will pay based on ability to perform any job, and the policy and coverage may alter. Finally, there are many monetary variables that greatly affect coverage and particular policies. This includes questions regarding payout amounts, frequency, and duration.
While there are many variables that are considered when choosing the appropriate policy, there are also many types of companies to choose from. Employer-supplied disability insurance can provide workers' compensation policies, which insure on a mostly temporary basis for work related injuries and in some cases make payouts to family members for work-related deaths. Military veterans would be interested in veteran's benefits which is analogous to Workers' Compensation, and covers a wide variety of health and disability coverage. However, the scope of both workers' compensation and veterans benefits are widely varied and can be dramatically different based on the needs of the individual. Still, persons who are not covered by their employers or are self-employed may need to look into the possibility of individual disability insurance policies. With these policies, the benefits and premiums differ from person to person and company to company.
After much research and investigation, the prospective policy holder should review the contracts provided by the disability insurance companies. These contracts can be complex and disorienting to unsuspecting persons, but the review is necessary. Many companies and individuals are willing to go over the contract with prospective policy holders, and are willing to discuss any questions and issues regarding the wording or pragmatics of such a transaction. Most are aware that the prospective policy holders have a lot riding on finding an appropriate and desirable policy and can be extremely helpful when utilized.
It is important to look through several companies and receive several quotes when searching for the appropriate disability coverage. Prospective policy holders should exercise patience and diligence during this process, and should compare benefits and premiums of the companies to determine exactly which policy is appropriate. Then, the prospective policy holder should have an agent go over the contract and policy, especially if the language is complicated. Clauses should be read with scrutiny to make sure the needs of the policy holder are met as well as the needs of the insurance company. A careful reading of discretionary clauses, exclusions, and limitations are also advisable.
Do not be afraid to ask an agent or the insurance company questions. While the process of selecting an appropriate insurance policy can be long and complicated, disability insurance companies are willing to help. With enough patience and research, prospective policy holders should be able to find a disability policy to fit their needs.
Andy West is a writer for Doctor Disability, which provides an easy way for physicians and dentists to request and compare disability insurance companies.