There are certain things that people dread shopping for. Disability insurance has got to make the top of the list for most.
Even so, there’s no denying that disability insurance is the best way to protect yourself and your loved ones if you fall ill or get injured and can no longer work.
So shop you must and find the best policy you shall. But how?
One of the main ways to ensure that you get a top-notch policy that will protect you financially when it counts is to use the right disability insurance provider.
1. The Price is Right
Like anything else that we purchase, we need to ensure that it will fit our budget.
Every insurance provider has different prices but they are trying to compete with one another. This means that their prices will change periodically while they try to beat their competitors’ prices.
When deciding which provider to go with, you will obviously need to take into account how much their policies cost and if you can afford it. If you can find a similar policy for a cheaper price elsewhere, by all means, go there.
2. Coverage Tailored to You
No two individuals have the same financial or professional situation. That means that no two people will need the exact same amount of coverage.
If a provider doesn’t offer to tailor their policy to your needs, offering you varying options, they must not want your business.
Disability insurance is a very personable policy. You should be able to pick and choose how you’ll be protected.
When shopping for disability insurance look for five main points:
- Waiting period
- Length of quote
- Own-occupation coverage
- Cost of living rider
- Guaranteed renewable and non-cancelable policy
Depending on your personal needs, you can adjust these areas to provide you with just the right amount of coverage.
Not sure how much coverage you need? This article will give you a great breakdown of how to calculate how much disability insurance you need.
3. A Reputable Company
In business, there are good companies and bad companies. Some companies aren’t trying to be bad, but some know darn well that they don’t practice ethical business.
When buying an insurance policy, it’s paramount that you purchase a policy from a reputable company.
In essence, you are paying an insurance provider a monthly installment in good faith that in the occurrence that you need coverage, they will hold up to their end and come to the rescue.
If you choose a provider that doesn’t have a solid reputation, you’re risking your hard-earned money, handing it over to someone who may or may not be there when it counts.
Don’t take this risk, choose a reputable disability insurance provider. These companies should have been in business for a long time. They should have a high Better Business Bureau rating and should be a well-known name.
4. Read the Reviews
There’s no better way to know if an insurance provider is top-notch than to read what their clients past and present have to say about their experience with them.
We’ve already discussed the BBB and its ratings but you can also read the comments left by others on their BBB page.
Of course, many people will be leaving negative comments but what you’ll want to look for is the volume of negative comments and any consistent pattern of complaints.
You can also look on Google business, Yelp, and other review sites to see what people have to say.
5. Do Your Research on Disability Insurance Provider
Lastly, don’t simply rely on what others have to say. Do your own research on the company.
Read their website. Check Google news for any developments in their company. Read third party reviews of the company.
Take, for example, Physicians Thrive’s review of Principle Insurance.
Reading this in-depth review can provide a broad overview of the company and its pros and cons but also give little-known details that can help you make the decision of whether this provider is right for you.
Conclusion
Now that you are armed with the information you need to select the best disability insurance provider for you, you should no longer dread shopping around for the perfect policy.
Just remember how glad you’ll be if tragedy does befall you one day, but you aren’t worried about how you will pay your bills because you have reliable disability insurance coverage.
