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Disability Insurance Reductions - Saving Money on Disability Insurance Dodge City KS

While disability insurance tends to be expensive, there are things that you can do to keep the price as low as possible. Here are a couple of common sense approaches to reducing your costs.

American Family Insurance - Jeff Sears Agency
(913) 837-3313
901 W Amity St Ste A
Louisburg, KS
 
Farmers Insurance
(913) 294-5827
607 Baptiste Dr
Paola, KS
 
American National Insurance
(913) 837-2870
5 S Peoria St
Louisburg, KS
 
Farmers Insurance Group
(913) 755-6907
528 Main Osawatomie
Osawatomie, KS
 
Bauer Betty
(913) 837-2289
PO Box 250
Louisburg, KS
 
Jerry Jones, J.D., CFP(R)
(316) 262-5015
400 N. Woodlawn, Suite 16A
Wichita, KS
 
Adkins, Jim - State Farm Insurance Agent
(913) 294-5351
19 South Pearl St
Paola, KS
 
American Family Insurance
(913) 294-3203
210 N Hospital Dr
Paola, KS
 
Progressive Insurance
(913) 377-3311
38210 State Line Rd
Louisburg, KS
 
Farm Bureau Financial Service
(913) 294-2737
11 S Pearl St
Paola, KS
 

Disability Insurance Reductions - Saving Money on Disability Insurance

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Disability Insurance Reductions

Everyone wants to get their insurance as reasonably priced as they can. While disability insurance tends to be expensive, there are things that you can do to keep the price as low as possible. Here are a couple of common sense approaches to reducing your costs:

  1. Select a longer waiting period before benefit's start.

    If you can wait longer than 30 days for benefit's to start, you will save money on your premiums. This is the same principle as raising your deductible on your auto or home insurance you reduce the risk to the insurance company and so you'll pay less money.

In order to be able to handle this, you'll have to do some financial planning. Usually, you'll need to have at least a couple of months worth of salary available as savings in order to do this comfortably. Most financial planners recommend that you have at least 6 months salary in savings, in order to buffer you from financial challenges. If you have that much saved up, you can easily handle waiting a longer period for benefit's to start.

  1. Select a shorter benefit period.

    You could elect to have benefit's continue only until you can retrain for another job. This is a gamble on your part. If you end up with a serious accident or illness that leaves you completely disabled, you could have a problem.

One option is to select benefit's payable to age 65 when you would normally retire - instead of lifetime benefit's. Although a small change, this should also save you some premium cost.

In fact, you are generally better off to choose to select benefit's payable until age 65 than to select benefit's payable only for a specific time period and then re-train. Why? Well, you don't want to have to collect for a lifetime, but if you are in that position, you could have many years to retirement age and no benefit's. You may or may not qualify for social assistance, and as I have noted elsewhere on this site, getting social assistance is g...

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