5 Long Term Disability Shopping Tips to Keep in Mind

Disability Insurance

Shopping for any kind of insurance is no fun but shopping for a policy as complicated as that of long-term disability insurance can be overwhelming. Even so, it is not wise to put off purchasing this essential protection because you dread shopping around for the right policy for you.

Instead, you can read this article that shares many helpful tips to make this process much less complicated.

1. Do Your Own Math First

Before you shop around for long-term disability insurance, you need to know how much coverage you are looking for.

This will no doubt be one of the first questions the insurance agent asks. If you don’t have an answer, you might be sold the highest amount or leave with a policy that doesn’t fill your needs.

To calculate how much coverage you need you simply add all your monthly expenses, subtract your company-provided long-term insurance amount, and the difference is the total amount of coverage you need from your individual policy.

Stone Rose Law, eventually developed a disability rating calculator to combine all veterans’ ratings to arrive at the final combined rating. After the calculator determines the qualification, you can enter the number of dependents and get the monthly compensation rate VA should pay you. This calculator here on the website has helped us a lot when looking at our veterans’ ratings.

This article will cover this calculation and more to help you better understand your needs from a long-term disability insurance policy.

2. Learn About the Definitions

In disability insurance, there is a set of keywords that you need to know to make an informed decision before settling on a policy.

These definitions explain the terms of your policy and coverage. Each policy will have its own set of definitions.

The first definition you need to know is the definition of disability. Many policies have a two-tiered definition of what they consider disabled. These two are “own-occupation” or “any occupation.”

A policy with an “own-occupation” definition of disability would cover you if you were unable to perform the occupation of which you are currently employed.

A policy with an “any occupation” definition of disability would only cover you if you were unable to perform any occupation, even one that would earn you much less than your original occupation.

Look for a policy with an “own-occupation” definition of disability.

3. Can Your Coverage Change?

Another important aspect of your policy that you need to be aware of is if your coverage can change at any time in the future. There are three ways that your policy can change.

The first thing to ask is if your policy has a renewable guarantee. This means that your insurance company cannot cancel your policy for any reason, but they can still change your premium.

You can protect yourself from this by locking in your premium with a non-cancelable policy. This type of policy is the most protective.

4. Disability Insurance – Research the Company

A good way to ensure that you get a top-quality insurance policy is to purchase from a top-quality insurance company. How can you be sure that a company is a reputable company? You’ve got to do your research.

Check their ratings on the BBB website. They might have reviews on Yelp, Google Business, or other review websites.

Your best bet is to choose a policy from one of the Big 6 disability insurance companies. This list includes:

  • Mass Mutual
  • Ameritas
  • Guardian
  • Principal
  • The Standard
  • Ohio National

These insurance companies are known for providing the best disability insurance policies to their customers. They are the tried and true companies that will see the benefits through.

If you opt for a smaller insurance company you are taking a large financial risk.

5. Disability Insurance – Reach Out to a Professional Broker

Using a broker who knows the complicated ins and outs of disability insurance can make shopping for a policy much easier.

Any question that you have, they should be able to answer. Also, since brokers aren’t working for an insurance company, you can trust what they have to say.

Choosing a reputable disability insurance broker, or a company that helps professionals with legal and financial issues, such as Physicians Thrive, takes much of the headache and worry off your shoulders.


With these shopping tips, you can be assured your chosen disability insurance policy will be a quality policy that will protect you when you need it most.

Then you can rest easy knowing that in the event of a tragedy, whether permanent or temporary, your bills will be paid and your needs and the needs of your family will be met.

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