There are many factors to consider when purchasing disability insurance policy, but it is well worth the time and effort to think them all through. Although you hopefully never have to use the policy, if you ever do find yourself unable to work, you will certainly be glad that you took the time when purchasing a disability insurance policy. There are professionals who can help guide you through the entire process, such as the specially trained specialist at the knowledge-based insurance brokerage firm known as BeamaLife. With an unbiased advisor to inform you of all your options without directing you more towards one disability insurance policy or one disability insurance company in particular, you can choose the right disability insurance policy for your needs.

All disability insurance policies are different and it’s best to have professional assistance when choosing one, but there are a few disability insurance facts that you can familiarize yourself with before shopping for coverage. You should understand that every policy defines “disability” in a different way, but all these definitions are based either on total disability or partial - residual disability. Total disability is when you can no longer do your job or any other job, and partial or residual disability is when an illness or injury may affect your ability to earn income into the future. An insurance specialist at BeamaLife can present you with information on various disability insurance policies from the top disability insurance companies they represent, and since they aren’t commission-only they won’t just try to sell you the most expensive disability insurance policy.

So you obviously want to discuss these definitions with your insurance specialist, and you will also want to discuss the length of the benefit period. You can choose long-term policies that cover you for two years, five years or all the way until you’re 65 or 67 years old. There are also short-term policies that only cover you if you’re out of work for a few months. Waiting periods are an important consideration as well, since every disability insurance policy requires some sort of wait before you can begin collecting the benefits. And you definitely want to discuss the monthly disability insurance benefit amounts that come with the policies. Most policies provide benefits equal to 60 to 70 percent of your normal earnings if you’re unable to work, which is subject to a monthly maximum.

All these factors will affect the cost of your disability insurance policy, which is an important factor in your decision, but you must also consider what you get for the money. There are some other factors that you should discuss with a disability insurance specialist too, such as guaranteed renewability provisions, premium waivers and incontestability clauses. In most cases, disability insurance policies will have a guaranteed renewability provision, but there will be no guarantee that the premiums won’t go up at renewal time unless you have a non-cancelable and guaranteed renewable policy. There are also policies that have waiver of premium provisions stating that the disability insurance company will pay your insurance premium for you if and when you are injured or fall ill, and your policy will remain active until the end of the disability period. And then there’s the incontestability clause, which basically states that after the policy is active for two years during your lifetime, the disability insurance company can’t contest any statements made on the application that you might have made without full understanding.

There may also be applicable exclusions and limitations for any disability insurance policy. This is why speaking to a well-informed disability specialist from a company like BeamaLife that compares the highly rated disability insurance companies like Guardian, MetLife, Mass Mutual, Standard, Mutual of Omaha and Union Central to provide information so consumers can make their own informed and wise decisions. Please call now (866) 972-3262 or complete short disability insurance quote request form to find the best, cheap and most affordable disability insurance policy from top disability insurance companies.