Disability insurance helps replace a portion of your income when you cannot work because of illness or injury. If you have an emergency
fund built up, you really only need long-term disability insurance.  Long-term disability insurance usually only kicks in after you have been disable
for at least a few weeks. Many people argue that having disability insurance is more important  than life insurance. The main reason for this argument
is that for a 30 year old male, you are 4 times more likely to become disabled than die. It was that staggering statistic that got my
attention.

Waiting Period

The waiting period is from the time you become disability to the time the policy starts paying. Most policies have a 30, 60, or 90 day  waiting period.
In other words, the insurance company wants to make sure it’s a long-term disability before they start paying. Like I mentioned  before, it’s crucial to have an emergency fund to cover the waiting period.
Also, the longer your waiting period, the cheaper the policy. It’s been said before that a 1 year disability with a 7 day waiting
period costs more yearly than a 30 year policy with a 90 day waiting  period. What should you look for in a policy? If you have a highly  specialized
job or can simply afford to pay the premiums, it’s worth  paying extra to have an “own occupation” policy. This coverage pays  benefits if you
are unable to perform the major duties of your own  occupation. To trim some of the costs, it may be advisable to obtain  “own occupation” coverage
for one or two years and “any occupation”  coverage after that. The length of benefits is key, and will  affect the cost of premiums significantly.
Some policies pay benefits  until age 65 or until your full retirement age for Social Security  benefits, others for two or five years. Seek
out a non-cancellable  policy. You probably also want a policy that will pay “residual”  benefits, which will compensate for a decline in income
if you are able  to work at a new job that pays less. How much does disability insurance cost? Prices vary based on age, gender, occupation, amount
of coverage and  health status. Check with a broker (https://www.mintcofinancial.com/quotes/disability-coverage-quote/or call 813-964-7100) to get quotes from at least three  different insurers. For someone who does not have  coverage at work, a plan with
all the extras including inflation  protection costs roughly 2 percent to 2.5 percent of annual salary for a man, and 3 percent to 4 percent for a
woman. Women pay more because  they file claims more frequently and for a longer duration than men. If someone has coverage at work but wants earnings
to boost benefits to 80 percent salary replacement, the annual cost is typically about 1  percent of the worker’s salary. Why doctors need Disability
Insurance? The medical profession in general is more likely to become disabled for a couple of reasons: 1) You work with other sick people 2) You specialize
in something unique. When it comes to working with disease, blood, and other transmittable illnesses, physicians are at a higher risk than other professionals.
Contracting HIV or other diseases through the blood is of the largest  concerns. Due to the increased exposure to these types of risks, your
chances of becoming disabled are statistically higher. But the main reason physicians are more likely to become disabled is their unique specialty. If
you are a physician and haven’t had your disability insurance reviewed for a couple of years, it might be a good time to do so. Many group plans are
changing  and possibly don’t offer the protection you think you have. Many  individual plans have also changed how they rate your specialty and
improved the amount of coverage you can get. Call Mintco Financial Team of Independent Financial Advisors to review your Disability Insurance or to quote
one. 813-964-7100
Source: Blog