Find the best rates quickly and easily

How to Purchase Coverage

Purchasing long term disability insurance isn't quite as simple as buying home or car insurance. For guidance on how to buy a policy, read the following tips. We'll tell you how to find the lowest disability rates without sacrificing quality.

  1. Check into employer-sponsored coverage. The lowest prices will apply to policies subsidized by your employer. Before you purchase an individual policy, verify that your employer does not offer this option. Group LTD insurance is always much cheaper than individual coverage.
  2. Investigate other group LTD coverage. Even if your employer does not offer it, you might still be able to qualify for the group option through an organization to which you belong. For example, AARP offers discounted premiums to its members.
  3. Compare the LTD rates of at least three carriers. Get at least three quotes from various insurers. Compare the offers on their rates, how they define disability, and whether the protection is guaranteed renewable or noncancelable.
  4. Don't count on Social Security disability benefits. When deciding how much coverage to buy, it's best if you don't account for the potential Social Security benefits you might receive. These benefits have very strict definitions of disability and are only available to eligible workers for a certain amount of time. The waiting period for Social Security benefits is also at least five months.
  5. Buy it while you're young. Rates will go up as you get older, which is why you should buy protection while you're young and healthy. As you age, you might also develop health conditions that will preclude you from qualifying, so buy LTD as soon as you can.
  6. Lengthen your waiting period. The waiting period of an LTD policy refers to the length a policyholder must wait before benefits are paid out after the insured becomes disabled. Longer waiting periods will lower your premiums. Before you lengthen it, make sure that you have enough savings or sick pay from your employer to get by during the interim. If you are trying to minimize the costs of your policy, choose to lengthen your waiting period rather than abbreviate the amount of time in which you receive benefits.
  7. Select an insurer with strong financials. Affordable rates are not the only criterion you should consider when selecting an LTD insurer. You should also select an insurer that is financially strong. To determine the financial health of a carrier, refer to an independent agency like Moody's or Standard and Poor's for more information.
You should also select an insurer that is financially strong