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Riders| Disability Coverage | Long-term disability Attorney | Tampa Bay > Uncategorized  > Riders| Disability Coverage | Long-term disability Attorney | Tampa Bay

Riders| Disability Coverage | Long-term disability Attorney | Tampa Bay

If you have disability coverage, you want to buy a rider that adjusts your policy for inflation or an option called future purchase option. This allows you to buy more coverage as your salary rises.

How much will this cost? Disability premiums typically cost between one and three percent of your annual income and can vary based on your age, gender, health history, and occupation.

You can reduce the cost of your long-term disability policy by changing the policy limitation period. This is a period of time in which you would not get benefits. Most people choose 90 days from the onset of disability. I have seen policies as long as 720 days.

The longer your limitation period, the cheaper your premium.

If you can’t go without a paycheck for more than 90 days, I strongly suggest that you pick that as your elimination period.

You can also choose how long you will be paid benefits. Most companies will let you choose benefits that last two years, five years, 65, 67 or the rest of your life.

I suggest that you pick the age 65 option, but obviously the longer your benefit period the more expensive your policy will be.

Another factor in the determination of the price of your policy will be your occupation. Unfortunately, there are certain occupations that will more likely result in disability. If you fall into one of those occupations, your coverage will be more expensive.

If you have questions about your disability insurance policy or the purchase of a disability insurance policy, contact Nancy Cavey, a Tampa-Bay based long-term disability and ERISA attorney.

Answering these broad-based questions isn’t easy. Help is a phone call away. You can contact Nancy Cavey, an experienced long-term disability attorney at 727-894-3188.

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