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Disability Insurance Premium Rates: Factors that Determine Your Rate If your luck runs out, then disability insurance is one of the ways to ensure that everything remains intact, nonetheless, there are two forms of disability insurance policies in the market, there’s the short term and the long term disability policy. There’s a difference between both policy, for example, if you pick the long term disability policy, then you might end up having a lifelong payment as long as you are disabled, while with the short term policy, you might end up getting payment for one year or even less than a 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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Heard of the elimination period? Well, this is the period where you will stay without receiving the payments, usually longer for people who were paying low premiums, nonetheless, this is a major factor that determines the cost of disability insurance.
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The insurance you pick determines a lot, in fact, if there’s a shorter elimination period, then you will have some high premiums meaning some good returns and some amazing benefits too. It is interesting how there’s a direct relationship between premiums paid and benefit period, period where benefits are paid, like for example, companies that have a longer benefit period policies are more likely to be expensive. The insurance company has to look at several things before getting into estimating the premiums you will be paying regardless of the policy you choose reason being some people instantly just need to pay more for their premiums because of where they live and the nature of job they do. 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. In all cases, the insurance companies will have to check the gender and the age of the policy holder so that it helps them determine the amount the person will pay for 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. Insurance companies will always want to use your money, so be careful when doing a research before landing on one company to work with.

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