Disability insurance is one of the most important types of insurance an individual can own. When most people plan for their future, they think about providing for a family, saving for retirement and achieving each of their personal financial needs and goals. Without the ability to work and earn an income however, many of these goals and dreams could never be accomplished. Disability insurance pays a monthly benefit when an injury or illness prevents a person from working and earning an income.
Every disability insurance policy is unique and the specific provisions within each contract will determine the circumstances under which an individual is eligible to collect benefits. Individuals should be well informed when selecting a disability insurance policy and may benefit from working with an experienced professional who can help review each policy feature carefully. Only after reviewing the quality of coverage provided in a specific policy, or series of policies should consideration be given to discount opportunities.
Today more than ever before, consumers interested in obtaining individual disability insurance are aware and looking for discounts. Discounts can be found fairly often through Graduate Medical Education programs and professional associations which are offered by a number of the disability insurance carriers today.
One available discount that many individuals are not aware of is that which we call the “Power of Three”. Simply put, the “Power of Three” involves the joint effort of three or more individuals who work for the same employer, to apply for disability insurance together within a select timeframe. Each policy is 100% independent of the others, is paid for by the respective owner, and is completely portable should anyone involved change employers in the future.
Depending on the selected insurance carrier and the number of participants included, the discounts available can be considerable, but at a minimum equal to 10%. For young professionals, a 10% permanent discount provides considerable savings over a typical 30-40 year working career, and is certainly worth considering. In select situations and with select insurance carriers the discounts can approach 20%, and even as much as 40% for female applicants.
One of the most critical steps to obtaining a quality disability insurance policy, is understanding your options. Discounts for disability insurance are available, and without having to be a member of associations or other select groups. For additional information, call 800-817-4522 or contact us.
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