What Is The Cost Of Disability Insurance For Individuals?

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4 responses to “What Is The Cost Of Disability Insurance For Individuals?”

1. 

   March 2, 2016

   Ronald Mesler

   Great question!

   Disability Income (DI) insurance is pretty complex. With life insurance your rates are factored on mortality risk, but with DI your rates will be factored on MORBIDITY, not death.

   So, the applicant’s level of income they want to protect, their health, and often most importantly, their job classification will be among the most important determining factors.

   Good luck!
2. 

   March 31, 2015

   Tim Wilhoit

   There are just too many factors to be able to quote a disability policy without a lot of extra information. We would need to know long term or short term to start. From there you would choose elimination periods, benefit periods and monthly income. Once all of these options are set we would need the standard underwriting questions answered such as age, height, weight, occupation, income, net worth, residence, health history, life style, just to name a few.
   Unfortunately, there are a lot of moving parts that go into disability insurance coverage and most need to be known up front in order to give an accurate price. I suggest using a known trusted independent broker to professionally shop the market for the best coverage at the best rate for your unique situation.
3. 

   January 21, 2015

   Rich Haag

   Disability Insurance has many versions. There is both long term and short term. Long term is greater than 12-24 months and short term fills the 1 – 2 year niche. There are also several factors that go into pricing. Age, health condition, waiting period, length of payment, coverage dollar amount and job description.

   In order to obtain a firm price or even a quote, you should consult an agent to walk you through the various options. With that being said, short term disability can range from $7 per week with an AFLAC type group policy to almost one months earnings for a full blown disability product.
4. 

   January 21, 2015

   Peggy Mace

   There is a rule of thumb that men should spend approx 1-3% of their income on Disability Insurance. The percent is slightly higher for women because women, on average, use disability insurance benefits more often. However, if you are middle aged or older, or have a health condition or high risk job, your rates could be considerably higher.