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Why Healthy People Should Consider Individual Disability Insurance

ONTARIO, Calif., Oct. 16 /PRNewswire/ -- When you are healthy, purchasing disability insurance can seem counter-intuitive. Purchasing disability insurance protects your most precious financial asset: your ability to earn a living, says Frank N. Darras, the nation's leading disability and long-term care insurance lawyer.

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"Since disability insurance can be expensive, you want to make sure you buy the right type of policy, and keep an eye out for tricky language that could spell disaster, should the worst happen," says Darras. See

Darras suggests:

-- Decide how much individual coverage you need. Do you buy the maximum

benefit or can you live on less?

-- How long can you go without benefits? To save money on premiums,

choose a longer waiting period. Expect to pay a substantial premium

for benefits that kick in within 30 days.

-- Obtain the longest benefit period possible -- at least until you reach

age 65. Considering a five-year benefit cap to cut premiums is risky,

since your disability might last much longer.

-- Look for "own-occupation" coverage. This pays benefits if a disability

leaves you unable to perform your job, even if you can still work in

another occupation.

-- Look closely at the fine print on exclusions and restrictions,

particularly if the premium seems too good to be true. Many policies

contain a fraud provision that allows the carrier to rescind your

policy at the time of claim if they find a false statement on your

application, so be truthful.

-- Look for non-cancellable, guaranteed renewable coverage. This means

your insurance company can't cancel your policy, increase your

premiums, or change the contract language, as long as you pay premiums

on time.

-- If you are young and expect to earn a lot, paying extra for COLA

(cost-of-living adjustment) is money well spent. It should keep you

ahead of inflation for the next 25 years if you become disabled.

Consider future increase options, which allow you to increase coverage

as you earn more money, regardless of your health.

Finally, 1 in 5 Americans become disabled for a year or more; 1/2 the bankruptcies files in 2006 were due to overwhelming medical bills from unforeseen accident or sickness. Protect yourself now, with an individual disability insurance that pays a tax-free benefit; should sickness or accident prevent you from working. Available Topic Expert(s): For information on the listed expert(s), click appropriate link. Frank N. Darras

SOURCE Frank N. Darras
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