Disability Plans Part 3: What is best for you

How do you know what’s best for you and how do you find it? 

 Normal rule of thumb is: if you want claims paid, then choose the higher priced product, as these normally have fewer restrictions and limitations. Choosing lower cost products is also good, as long as you know what that plans limitations are. So compare plans, prices and ask lots of questions.

Income again plays a big part, as we already mentioned in previous articles. Don’t waste time checking out plans if your net income, as shown on your tax return is low or non existent. If your income is an issue, there are still a few companies, who we discovered in our survey that offer coverage.

How do you find coverage?

You can go to the web and type in individual disability insurance and see what pops up and contact them. Getting a referral from someone who already has coverage is good way to go. Keep in mind some companies use their own representatives and the downside of this is, you may not get a choice of plans.

There are specialty independent brokers who deal with various companies and can shop the market for you. Normally they will know the differences between coverage’s and may even look after claims, which can remove that worry at a later date, as they’ll hopefully guide you and work on your behalf.

If you have any questions or concerns on either purchasing or reviewing this type of coverage, please contact me at: Toll Free 1-866-366-2930 or by email: alec@carhs.org.