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Disability Insurance Reductions - Saving Money on Disability Insurance Hillsboro OR

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.

Fred King, CFP
The H Group, Inc.
Portland, OR
Company: Fee-Only Financial Planner ("No Commissions")
Registered Investor: Yes
Oregon State University
B.S., Business
Years Experience
Years Experience: 6
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Behind the Smile Dentistry for Children
(503) 715-0691
2380 NW Amberbrook Dr
Hillsboro, OR
Pacific Benefits Group
(503) 334-8228
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Beaverton, OR
Portland Laser & Surgery Center
(503) 446-5300
9427 SW Barnes Road, Suite 394
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American Family Insurance Regional Office
(503) 968-5800
12909 SW 68th Parkway
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Jeff Vass
510 SW 5th Ave
Portland, OR
Title: LPL Financial Advisor
Company: Meridian Financial Group
Investment Advisor Rep: Yes
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(503) 475-7536
18215 SW Longace St
Beaverton, OR
(866) 663-1828
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Alliance Affordable Health Insurance
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10220 Sw Greenburg Rd
Portland, OR
Timberline Health Benefits LLC
(503) 292-2075
5319 Sw Westgate Dr
Portland, OR
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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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