Whether an individual work in the insurance sector or not, everybody knows about insurance and its benefits. However, most people do not aware of disability insurance and how it can help a disable in protecting income. Although it is possible to tailor disability policy as per individual needs, still it is necessary to consider a few important things while choosing an insurance plan.
Let’s explore a few important factors that you must consider when purchasing disability insurance with Randon James Morris.
1. Prefer Independent Insurance Agent
Either an individual can purchase disability insurance directly from an insurance company or from an independent insurance agent. If you purchase a policy with the help of independent insurance agent, you will be able to overview of all available insurance policy option. Otherwise, sometimes it becomes difficult to gather all information and knowledge about the insurance plan and its benefits, especially when you buy directly from the company. Therefore, experts recommend an independent insurance agent who is referred by an experienced colleague.
2. Apply for Disability Insurance Before You Need It
According to experts including Randon James Morris, it is always better for an individual to buy disability insurance when you are fit and healthy. In most cases, there are policies that require medical underwriting, including your medical records, physical examinations, and test reports. Therefore, it is better if you apply for disability insurance when you are healthy.
3. Evaluate Your Average Income
In disability insurance, an individual’s eligibility depends on his net income. For instance, you are an entrepreneur and your income vary from month to month, it is difficult for insurance companies to figure out your exact income. In such a situation, your insurance agent will ask you for your last three years tax return and divide the figure by 36 months to evaluate your average monthly income.
4. Drop Disability Insurance Policy When You Are Over Retirement Age
If your age is above 65 years, there is no point of holding insurance policy. According to experts including Randon Morris, you must drop the idea of taking disability insurance policy at the retirement age. For instance, you are over 65 years old and you became disabled. At this age, you will consider as retired so the insurance policy won’t pay. Therefore, it is advisable to drop the policy if you hit the age of retirement, as you will not able to avail the benefits from it. If you are still confused, it is better to approach experienced insurance advisor the advice or recommendation.
So these are few good tips from to Randon James Morris that you must consider while buying a disability insurance plan. When you invest your money in a disability insurance plan. It is advisable for you to consider all the factors, benefits, and circumstances before choosing the plan. As it is mentioned above, it is always better to hire an insurance agent instead of directly approaching an insurance company. An insurance agent does not get any financial incentive to sell one policy over another. Therefore, he can advise you fairly an insurance plan as per your situation, needs and requirement.
If you have more query to ask related to disability insurance, you can drop your query below in the comment box.