Insurance Blog

Disability coverage is based on more than age, height and weight. It depends on what your husband does for a living, how much money he makes, and wants the policy to pay, as well as how long he wants it to pay out.

Your best bet is to contact a local, independent insurance agent and request a no-obligation quote.
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You don’t provide enough information to give a meaningful estimate but you probably would be looking at an annual premium of $1,000 to $2,000.

Some significant factors that are going to affect your coverage and premium.

Examine the definition of disability. Some policies may consider you disabled if you are unable to perform the duties of your current occupation others may consider you disabled only if you cannot engage in any gainful employment.

Does the policy provide coverage for partial disability? Some policies may not provide a disability benefit unless you are totally disabled others may provide coverage for partial disability if the disability follows a period of total disability from the same cause. Yet other policies may cover a partial disability without requiring a period of total disability.

You said you want no waiting period but extending the period of disability required before your policy benefits begin will help reduce the cost of the policy. The longer the elimination (waiting) period the lower the cost of your coverage.

How long will the benefit period be? You can cover a disability for 1 year, 2 years, 5 years, to age 65 or even lifetime benefits. It makes sense that the longer period of time you choose the higher the cost of your policy. Depending upon your husband’s occupation you may not be eligible for longer benefit periods.

Consider inflation protection. Most policies offer an inflation rider that will adjust the monthly benefit you receive after your disability benefits begin. This can be really important if you have an extended period of total disability.

To reduce your monthly premiums consider coordinating your disability policy benefits with other plans such as social security or workers compensation. This provision reduces the benefit paid by your disability policy to the extent you qualify for other benefits. If you do not qualify for other benefits your disability benefit remains unchanged.

Work with your agent to balance policy features with your budget
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35 years insurance industry experience