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January 9, 2009, Newsletter Issue #42: Why Long Term Disability Insurance Premiums Vary
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Tip of the Week
Some professionals, at first, are concerned that long term disability insurance premiums appear to vary rather widely. If you use the Internet and excellent websites, like ProtectYourIncome.com, to give you the information you need to build your long term disability insurance package, you will realize that premiums for this coverage actually do not vary to the degree you first may assume. Here are some reasons premiums may appear to vary.
Are you looking at group or individual long term disability coverage? Group coverage will normally cost less because a) some of the risk is spread throughout the size of the group, and b) most group policies only include the standard coverage provisions. Much individual coverage is “customized” by the insured to achieve his/her income versus cost goals. Are you comparing standard, boilerplate coverage with a plan that includes some valuable supplemental long term disability features? Long term disability companies tend to design standard plans with a sharp eye to cost to make their plans marketable to purchasers. While they try to include the best benefits possible, you often find longer elimination (waiting) periods, lower percentage of income benefits, and/or shorter benefit periods to keep the cost reasonable. Are you evaluating a low end professional policy provisions or a high end professional long term disability insurance quote? While a stripped down long term disability product may be superior to most basic standard insurance coverage, it typically does not compete well with professional disability income protection that includes some valuable supplemental coverage. Are you comparing “rated” coverage with standard issue long term disability insurance? Applicants with health issues may not suffer a long term disability denial of coverage but, often, are insurable at a somewhat higher cost. This often results in the quote for or issuance of a “rated” policy, which may outline similar coverage but a higher premium cost. It’s important to understand that long term disability insurance can be a “build it yourself” program, particularly coverage offered to medical and other professionals. This can be a wonderful and effective situation. Many professionals practice a specialty, which can be very different from other, more typical occupations. Therefore, having the ability to “tailor” your coverage to your specific needs and requirements can prove to be a huge benefit to professionals.
Refer to your insurance policy contract for specific information regarding your coverage and for actual terms, conditions and exclusions. The above statements are general in nature and may or may not reflect the actual terms of your insurance policy.
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