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Disability Insurance Premium Rates: Factors that Determine Your Rate If your luck runs out, then disability insurance is one of the ways to ensure that everything remains intact, nonetheless, there are two forms of disability insurance policies in the market, there’s the short term and the long term disability policy. There’s a difference between both policy, for example, if you pick the long term disability policy, then you might end up having a lifelong payment as long as you are disabled, while with the short term policy, you might end up getting payment for one year or even less than a year. However, you will have to get a policy for you to enjoy its benefits, because like everything in life, disability also has a price tags which we will be looking at today and the factors that determine the cost of the insurance policy.
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Heard of the elimination period? Well, this is the period where you will stay without receiving the payments, usually longer for people who were paying low premiums, nonetheless, this is a major factor that determines the cost of disability insurance.
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The insurance you pick determines a lot, in fact, if there’s a shorter elimination period, then you will have some high premiums meaning some good returns and some amazing benefits too. Benefit periods are determined by the amount of premiums paid and if the policy holder needs to extend this period, then he/she should consider paying more. Another thing that is considered is the nature of job you are doing and the place you live, this is because some people are exposed more to damages than others, and this might prove to be an expensive affair to insurance companies hence the need to charge them more. Be ready to give out all the info needed to these insurance companies, things like how much you earn and your health records are what are checked and ultimately determine the amount of premium to be paid, for example, if you have a bad medical record then you will pay more premiums. Insurance companies have the right to increase premiums and this is because it is all determined by the gender and the age of the policy holder, something to consider, and this plays a major role. Sadly, most companies leverage to increase their premiums as a result of this, leaving people devastated and pulling out from the insurance, however, it is possible to get reputable sustainable insurance in this process. Do not make a decision before checking out the different companies and in fact, looking at their benefit services, this will always make you find the best company in the market.