How to Compare Long Term Disability Quotes

Effectively comparing one long-term disability quote with another depends on the quality of the information you get. The quality of the information you obtain is directly dependent on the data you’ve provided to prospective insurers. Much like the computer catchphrase of the 1980’s, “garbage in, garbage out,” you need to provide good information to prospective insurers. Assuming you’ve done your homework, you can smartly compare your resulting disability insurance quotes to your advantage. Consider the following issues.

• Do your disability insurance quotes provide sufficient monthly income to meet your basic financial obligations -- particularly food, clothing, and shelter? Before you get your short- and/or long-term disability insurance quotes, you should have a good idea about how much income you want should you suffer a covered disability.
• Have you provided identical information to all prospective insurers? Any long- or short-term disability quote you receive from a prospective insurer can only be compared with another if all bidders had the same information. Any quotes that are not apples-to-apples estimates are of little help to you.
• Do the quotes for disability insurance that you’ve received have similar definitions of covered disabilities? At all costs, you want to avoid comparing quotes that have widely different definitions of disability. As with life insurance coverage, all of us would prefer to pay premiums rather than to receive benefits, but disability insurance quotes can involve a much more arguable definition of a covered claim. In your search for the lowest disability insurance cost coverage, you must keep in mind the definition of a covered loss. Comparing disability insurance quotes should be done based on similar definitions of medical conditions that qualify you to receive benefits.

It’s important to compare disability insurance quotes that are based on the same information and the needs you have, not those of your neighbor, your brother-in-law, your favorite athlete, etc. What is the coverage you need? 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.