Disability Insurance

Long-Term Disability insurance is influenced by several factors that can affect its cost, including:

• Age and Health: Older individuals and those with health issues may face higher premiums.
• Gender: Women often pay more, as they tend to file more claims.
• Smoking Status: Non-smokers generally pay lower premiums.
• Occupation: Jobs with higher injury risks may lead to increased costs.
• Definition of Disability: Policies with broader definitions of disability, such as those covering your inability to perform your specific job or any job, tend to have higher premiums.
• Waiting Period: Also known as the elimination period, a longer waiting period before benefits start can lower your premium.
• Income: Higher income levels typically mean higher premiums for coverage.
• Benefit Duration: Policies promising longer benefit periods usually have higher premiums.
• Additional Features: Extra features like cost-of-living adjustments can increase your premium.

By understanding these aspects, you can make an informed decision and choose a disability insurance policy that best meets your needs.