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Disability Insurance Premium Rates: Factors that Determine Your Rate You should always consider looking at the wider picture, the fact that someday your lack might run out and all you may have left is whether you have saved for disability insurance or not, nonetheless, there are two types, the short term and the long term policy. If you are going to get a package, first ensure that you are aware of the nitty gritties of both packages, for example, the long term package is able to help you get payments every year while the short term one helps you get payments for less than one year. However, you will have to get a policy for you to enjoy its benefits, because like everything in life, disability also has a price tags which we will be looking at today and the factors that determine the cost of the insurance policy.
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The most important factor to consider is the elimation period, the period before one starts receiving payments, so the longer the period, then the cheaper the premiums.
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However, if you want a shorter elimination period, then you should consider that you will pay some high premiums, in fact, you will also have an effect in your benefit period because this is determined by the cost of the insurance at hand. Benefit periods are determined by the amount of premiums paid and if the policy holder needs to extend this period, then he/she should consider paying more. Insurance companies need to look at several things, and these things such as where someone resides determine a lot, so make sure to ensure you check out on such factors before getting out to get your own disability plan. Be ready to give out all the info needed to these insurance companies, things like how much you earn and your health records are what are checked and ultimately determine the amount of premium to be paid, for example, if you have a bad medical record then you will pay more premiums. Ultimately, they will have to check the age and the gender of the policy holder, which helps in determining the cost of the insurance, most insurance companies hence have the right to increase their premiums. Sadly, most companies leverage to increase their premiums as a result of this, leaving people devastated and pulling out from the insurance, however, it is possible to get reputable sustainable insurance in this process. Do not make a decision before checking out the different companies and in fact, looking at their benefit services, this will always make you find the best company in the market.