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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
Company: Fee-Only Financial Planner ("No Commissions")
Type
Registered Investor: Yes
Education
Oregon State University
B.S., Business
Years Experience
Years Experience: 6
Service
Wealth Engineering,Income for Life/ Preserve Principal,Medicare Planning,Investment & Portfolio Management,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Fee-Only Comprehensive Financial Planning,Portfolio Engineering,IRA, 401k, Roth IRA, QDRO Rollovers,Alternative Investments,Retirement Planning,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Estate Tax Pl

Data Provided by:
Behind the Smile Dentistry for Children
(503) 715-0691
2380 NW Amberbrook Dr
Hillsboro, OR
 
Pacific Benefits Group
(503) 334-8228
1915 NW Amberglen Pkwy
Beaverton, OR
 
Portland Laser & Surgery Center
(503) 446-5300
9427 SW Barnes Road, Suite 394
Portland, OR
 
American Family Insurance Regional Office
(503) 968-5800
12909 SW 68th Parkway
Portland, OR
 
Jeff Vass
510 SW 5th Ave
Portland, OR
Company
Title: LPL Financial Advisor
Company: Meridian Financial Group
Type
Investment Advisor Rep: Yes
Service
401k Rollover From Employer,CD Alternative,Disability Insurance,Annuities,Long-Term Health Care Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Stock Market Alternative,Alternative Investments,Life Insurance,Investment & Portfolio Management,Insurance & Risk Management Planning,Retirement Income Accumulation Planning,IRA, 401k, Roth IRA, QDRO Rollovers,Wealth Management,Health Care Insurance,Retirement Planning,Business Succession & Liquidation Planning,Retirement Income Dist

Data Provided by:
Adam Klein Insurance
(503) 475-7536
18215 SW Longace St
Beaverton, OR
 
4Ligo
(866) 663-1828
16055 SW Walker Rd Suite 443
Portland, OR
 
Alliance Affordable Health Insurance
(503) 244-7880
10220 Sw Greenburg Rd
Portland, OR
 
Timberline Health Benefits LLC
(503) 292-2075
5319 Sw Westgate Dr
Portland, OR
 
Data Provided by:

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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