Title: Disability Insurance
Author: Chris Langille
Published: January 2, 2017
Last modified: February 3, 2017

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# Disability Insurance

## Looking for Disability Insurance in CITYNAME?

AGENCYNAME has got you covered!

Throughout your working lifetime, you are **three times more likely to become disabled**
than you are to die before age 65. Makes a convincing case for having disability
insurance, right?

Why then is it that people have historically been more likely to buy life insurance,
not disability insurance?

**The answer is simple:** insurance consumers are confused by disability insurance.
There are so many terms to understand that people typically give up, and end up 
not purchasing coverage at all.

If that sounds like you, don’t worry. The team at AGENCYNAME is here to help.

Disability Insurance is critical in ensuring that your income is protected in the
event you can no longer work due to an injury or illness.

If you search the internet you’ll see a ton of different results from companies 
and brokers claiming to offer the best policy, but it’s important that you understand
this type of coverage before you make a decision.

## The Two different types of Disability Insurance

There are two different types of disability coverage:

#### Long Term Disability

Long Term Disability (LTD policies have a waiting period of several weeks to several
months with a maximum benefit period ranging from a few years to the rest of your
life

#### Short Term Disability

Short Term Disability (STD) policies have a waiting period of 0 to 14 days with 
a maximum benefit period of no longer than two years.

## Important Disability Insurance Conditions

#### Non-cancelable

This means the policy cannot be canceled by the insurance company, except for nonpayment
of premiums. This gives you the right to renew the policy every year without an 
increase in the premium or a reduction in benefits.

#### Guaranteed renewable

This gives you the right to renew the policy with the same benefits and not have
the policy canceled by the company. However, your insurer has the right to increase
your premiums as long as it does so for all other policyholders in the same rating
class as you.

## More things to consider

In addition to the traditional disability policies, there are several options you
should consider when purchasing a policy:

 * **Additional purchase options**
    Your insurance company gives you the right to
   buy additional insurance at a later time.
 * **Coordination of benefits**
    The amount of benefits you receive from your insurance
   company is dependent on other benefits you receive because of your disability.
   Your policy specifies a target amount you will receive from all the policies 
   combined, so this policy will make up the difference not paid by other policies.
 * **Cost of living adjustment (COLA) **
    The COLA increases your disability benefits
   over time based on the increased cost of living measured by the Consumer Price
   Index. You will pay a higher premium if you select the COLA.
 * **Residual or partial disability rider  **
    This provision allows you to return
   to work part-time, collect part of your salary and receive a partial disability
   payment if you are still partially disabled.
 * **Return of premium**
    This provision requires the insurance company to refund
   part of your premium if no claims are made for a specific period of time declared
   in the policy.
 * **Waiver of premium provision**
    This clause means that you do not have to pay
   premiums on the policy after you’re disabled for 90 days.

If this sounds confusing, don’t worry. The team at AGENCYNAME is here to walk you
through your options and make sure you get the best possible coverage for your needs
and budget.

## How to get started on your quote

To get started on your quote, [**call**](https://mu.staging.advisorevolved.com/contact/?output_format=md)
our office or [**click**](https://mu.staging.advisorevolved.com/quotes/?output_format=md)
over to our quotes page. Either way we’ll make the process simple!