Planning for the future should be a priority for all adults, regardless of age. While many people hurry to purchase life insurance, some don’t even consider a long-term disability policy until it’s too late. If you want to protect your future income, here are a few things you’ll need to know about purchasing the disability insurance policy that will help you achieve that goal.
Choose Your Riders Wisely
While “comprehensive coverage” may sound great, it won’t always provide everything you need. Consequently, it would be a good idea to look into purchasing a residual benefit rider as well as a cost-of-living adjustment rider. The residual benefit rider will ensure that you’ll be able to recoup the difference between the income you received prior to your disability and the lower income you would likely receive if you become disabled. In addition, the cost-of-living adjustment rider protects against inflation by making sure the insurance company determines your income level when you file a claim instead of when you purchase the policy.
Don’t Try To Predict The Future
Simply put, there’s no way to know whether or how you will become disabled in the future. For that reason, avoid purchasing “accident-only” Disability Insurance in Port St. Lucie FL, as it will prevent you from being able to collect benefits if you become disabled due to an illness. You’ll also want to make sure you don’t end up with a limited benefit term that only pays out for five to ten years, as you’ll be in trouble if your accident or illness permanently prevents you from working. Finally, be sure to purchase a non-cancellable policy, as this will lock in your premiums until the age of 65, and prevent you from having to pay more as time goes on.
When it comes to purchasing Disability Insurance in Port St. Lucie FL, it’s in your best interest not to wait until you are older or already disabled as this will significantly limit your policy options. Instead, get in contact with an agent from A Better Solution Insurance Services. Visit their Twitter page to learn more about working with an experienced professional to craft a policy that will give you peace of mind no matter what lies ahead.