If you’re wondering if it matters how you search for disability coverage, the answer is definitely yes. Making just one of these simple mistakes can cost you more money in premiums, more hassle in getting claims paid, and even leave you without the payout you thought you would receive! Read on to learn what these mistakes are and what you can do to find the right policy.

Mistake #1

“I can put it off.”
There is no better time to apply for coverage than now. Your rates will go up with age and due to any unforeseen circumstances, like a health issue, you may not be eligible later. You can’t get income protection after the fact, so if you were to get in a car accident tomorrow, that procrastination could literally be a million dollar (plus) mistake.

Mistake #2

“I can get quality coverage from all carriers.”
When shopping for disability insurance, you want to make sure you will receive benefits in the event that you are unable to work. Just as an example: Most carriers have a presumptive disability clause, meaning that you will be protected in the event that you suffer an injury resulting in total loss of sight, hearing, ability to speak or lose the use of two limbs. However, if you choose a policy that defines the loss as permanent and irrecoverable (vs. complete), that policy will not even cover a pair of broken limbs!

There is an extensive list of terms like this that govern whether or not a claim will be paid. These are terms whose impact can be unclear unless you are very familiar with Disability Insurance. A carrier, when selling you a policy, is not going to advertise that their policy may not cover you under many circumstances where you may legitimately be injured and incapable of earning income.

Mistake #3

“My friend, or any insurance agent can help me make an informed decision.”
It is important to have an unbiased opinion when shopping for disability insurance. While a friend might have great intentions, there is a good chance is that they don’t even completely understand their own policy. An unspecialized insurance agent is likely to be unaware of some of the details that are unique to disability insurance, so they could easily help you choose a policy that does not pay out, or only pays you for a short time. A specialized agent can help you find a policy that will save you thousands in premiums and get you the most liberal definition of total disability that you are eligible for.

Mistake #4

“I can save money by going through an association or group plan.”
You can always save money, however, most people look into purchasing disability coverage in order to protect their long-term income. If your policy won’t do that, why pay anything at all? Take this for example: Most people believe that total disability qualifies them for coverage until the age of 65. Most group policies modify the definition of total disability, which means you can only collect for two years! After those two years, the carrier can make the argument that you no longer qualify as totally disabled if you could reasonably perform duties of ANY gainful occupation for which you are suited by education, training or experience. This can extend to types of work you have never performed or have no desire to perform. Deficiencies like this are the reason why these kinds of plans can appear to be a good value. You can also expect that the attractively small initial premium will grow considerably. These rates are not guaranteed and will increase with age.

Mistake #5

“Buying the cheapest policy is OK, it is better than nothing.”
By now, you already could guess this is not true. In most cases, the least expensive policy is just going to give you a false sense of security. If it is important to you to protect your income, lifestyle, loved ones and investments, the cut-rate plan is not what you need.

Knowing these pitfalls can save you a lot of money and frustration down the road. You are on the right path to getting the best disability policy possible but there is still a long way to go. Comparing policies/ quotes is no simple task as very specific language defines your benefits. Trying to get the coverage you need for the best price can be overwhelming. As we’ve said, even an insurance agent who doesn’t specialize in disability insurance can encounter difficulty. Luckily, you can enlist the help of an unbiased eDisabilityQuotes expert, free with no obligation.

Does this sound too good to be true? This may seem counterintuitive but you can’t save money by doing it yourself. Prices are fixed by law. This means buying a policy through one of our agents will not cost a penny more for the same policy than it would if you had purchased it directly through the insurance carrier. So you can get the assistance you need knowing it isn’t costing you more.

eDisabilityQuotes provides a remarkable service, with over 100 years of cumulative experience in the disability insurance sector, you can benefit from that experience free of charge. Because our agents don’t work directly for any carrier, they can offer the big picture and make clear the benefits and drawbacks of each policy. You won’t get that from contacting a carrier directly. We can provide you with free quotes from different carriers and help you select the policy that is best for you. There is no obligation to buy a policy now, so why not explore your options?

You worked hard to get where you are, now let us work hard for you. Let us help you make the best decision for disability insurance. Click here to continue.