Saving Money On Disability Insurance

Disability insurance is an important income protections product to consider purchasing. But how can you save money on disability premiums without cutting too much into your salary?

There are three main things you can do to save money on disability insurance premiums:

1. Choose a longer waiting period: The deductible for disability insurance is the waiting period you must endure before you receive your benefits. A longer waiting period will reduce the cost of your premiums, but you must be sure you can handle going without income for an extended period of time.
2. Choose a shorter benefit period: You can elect for your benefits to continue for a time period short of age 65 or retirement. However, you take the risk on of not being covered during part of your working years.
3. Compare quotes from several disability insurers: Having multiple disability quotes to compare will help you find the lowest premium costs. You can access hundreds of disability insurance providers using one form on InsuranceBureau.

Sources

1. How can I save money? Retrieved April 30, 2008, from http://www.iii.org/individuals/disability/savemoney/