When folks ask me about what they should look for in disability insurance, my short answer is this:
Make sure you apply for adequate coverage, and that you get the best rate available for your occupation. Some occupations allow for longer payout periods than others so it is important that you review your options. Adding an “own occupation” rider is a great way to protect a loss of income from your specific job. Another benefit is the cost of living adjustment (COLA) rider, which raises your benefit with inflation. Make certain that the policy pays for partial disability as well. The future option benefit allows for you to increase your coverage on the each anniversary date of the policy. Contact your financial professional today and see if a disability policy makes sense for you.
submitted by Scott Flowers, Wealth Advisor, FSS
Tags: disability coverage, disability insurance, Financial Services and Solutions, Scott Flowers