If disability income insurance is the protection you need, shop around and compare policy features before making a purchase.Some professional insurance agents consider the ideal disability policy to be a form called ‘own occupation’ coverage.But the average life of a disability insurance policy is about 5 years.Even if you have long-term disability insurance through your employer, you may want to consider an individual policy as well.That’s why after recently meeting with his financial planner, he decided to supplement his employer’s disability coverage with an additional long-term disability insurance policy.
Sometimes, your employer pays for an individual disability insurance policy on you.You choose the length of your waiting period when you purchase your individual disability income insurance policy.During this process, the insurance company collects information about you and uses it to decide whether to issue you a disability policy.They are not affected by payments from any other individual disability insurance policy you have purchased.Neither long-term care nor long-term disability insurance terminates once it pays a benefit unless the...
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