1. How much can I expect to pay for disability insurance?

Long Term Disability insurance coverage typically costs about 1-3% of your income. This price usually includes “own-occupation” coverage and most of the riders you would need. Keep in mind when shopping for disability insurance the value is in the contract language. Do not shop on price alone. The type of coverage offered can be dramatically different depending on such factors as definition of disability and riders included. If there is a huge price difference there is most likely a major difference in coverage.

2. How long does the underwriting process take?

From the time the application is submitted to the time the offer is made, if you are eligible for coverage, you are looking at typically 4-6 weeks. A lot of this depends on how many medical records, if any, need to be reviewed. Make sure you spend time talking to your agent about any medical conditions you may have so that they can get you a time frame of what to expect from the underwriters.

3. What if I have a medical condition? Will I still be able to get a policy?

Yes. Depending on the medical condition, most carriers can still offer you some type of coverage. For many medical conditions a policy can be issued with an exclusion for the medical condition. An exclusion allows the carrier to provide coverage except for a disability which occurs from that pre-existing, medical condition. Please make sure you talk to your agent about your options. There are many carriers out there and there is most likely a carrier that will be willing to make an offer.

4. I have group coverage already, can I add to this coverage? How much more can I add?

Depending on the amount of coverage you have in force you can often add to that policy by supplementing your group coverage. There are limits to the amount of coverage you can have. Do not expect 100% of your income to be covered. Insurance carriers have limits and they do differ slightly. By adding a supplementary individual disability policy you are increasing your benefit if you become disabled and you also own your own policy. If your company decides to drop your group coverage or if you leave your place of employment you may no longer you may no longer be covered by their group policy. You would however have an individual policy that you would take with you and in many cases have the option to increase your coverage without medical underwriting to compensate for the lost coverage from the group. Another thought to keep in mind is the strength of an individual policy compared to a group policy. In most cases a group policies language is going to differ dramatically from an individual policy. Makes sure you mention the type of coverage you have to your agent so that they can properly quote you and explain to you the differences in coverage.

5. What are the odds I will become disabled?

The stats do not lie. If you are 30 years old you have a 1 in 3 chance of becoming disabled. The average disability lasts 32 months. That is over a year and a half without a paycheck. If you are 40 the odds drop slightly to 3 in 10 or 30% with the average disability lasting for 42 months. That is a very long time without your income. These numbers provided by the National Safety Council 2003, viewed from the website familyprotector.com

6. How quickly can I expect to hear from your organization?

We will respond to a request for a phone call or a quote request via email normally within a 24 hour period. More often than not you will hear from someone that business day.

7. I am a resident can I get coverage?

Yes you can get coverage. In most cases residency programs do offer group coverage. We can offer you coverage above and beyond the group coverage you already have in force. Even if you have not declared your specialty we can still offer a policy. Some companies will offer you an amount and an option to purchase a higher amount at a later date without having to go through the medical underwriting process again. Please click here for more information about the coverages offered for residents.