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What is the Cost of Purchasing Disability Insurance?

Different factors determine the cost of disability insurance, such as an individual’s occupation, medical history, and personal decisions regarding the policy. The particular provider also gets to make case-by-case decisions based on potential policyholders. Ask one of our agents for a free quote and we will donate $5 towards the American Cancer Society. Here is a breakdown of some of the factors that will influence the cost of your policy.

Occupation: What position you are employed in will help determine the cost of getting covered. Most high risk occupations are uninsurable because of the increased likelihood that the person will get injured. Additionally, occupations with greater incomes, like lawyers and doctors, require more coverage because losing their earnings will have a substantial effect on their standard of living.

Medical History: Most insurance providers will request a medical examination and doctor’s report to calculate the cost of disability insurance. This medical history indicates whether the individual is in imminent danger of having an illness or injury affect their work. Some examples include prior injuries, family medical history, and smoking.

Additional Factors: Some other aspects change the insurance rates, like policy riders. These are optional add-ons that can help increase coverage, account for inflation, and pay for expenses involved in the accident. Length of the benefit period and elimination period can also raise or decrease premiums you pay.