If you don’t have disability insurance through your employer or Workers’ Compensation, you might want to consider investing in a policy. If you are unable to work due to an injury, accident or illness, your disability insurance will provide up to 85% of your income until you can return to work, or your policy runs out. Here we offer 10 ways you can reduce your rates and save on disability insurance while still having coverage if you find yourself unable to work.
1. Add It to Your Life Insurance
Speak to your insurance provider to see how much they would charge to add the disability insurance Canada sells to your life insurance. You can save even more if you also apply with your spouse, albeit just a small discount.
2. Consider Your Riders
When getting your disability insurance quote, see if your disability insurance has “riders” like premiums or a cost of living benefit. If so, consider dropping them to save. Also, ask about a return of premium rider. It could entitle you to get some or all of your money back if you don’t make a claim within an agreed-upon period.
3. Reduce the Number of Policies and Amount of Coverage
It can be easy to start investing in various disability policies in the hopes to get more coverage. However, you are limited to 85% of your income regardless of how many policies you have. It makes more sense to invest in a single package with the best terms. Also, always ask how much disability insurance I need, so you don’t over-invest in coverage.
4. Watch Out for Increases
The type of insurance determines whether or not your premiums will increase. The best policy to avoid increases is a non-cancellable, guaranteed renewable policy.
5. Consider a Later Start Date
If you have a lot of savings, you can consider a later start date to receive your benefits. However, although you pay lower premiums, you also eat into your own savings first. As a result, you are less likely to see the benefits you are paying for in the first place.
6. Invest in a Policy Sooner
Since disability insurance is related to health, the earlier in life you invest in a policy, the better rates you’ll receive. Also if your birthday is later in the year, buy your policy in January or February to take advantage of the insurance company’s “rounding up” your age.
7. Stay Healthy
The healthier you are when you apply, the better your rates. If you stay healthy, keep your weight down and avoid being on certain medications, your medical history is less of a risk. Things such as heavy drinking and smoking can also up your rates as can pre-existing health conditions.
8. Drive Safe
A clean driving record can keep your rates lower.
9. Research Eligible Discounts
There are all kinds of discounts available you might not know about such as professional associations and alumni groups.
10. Reduce Risks
The riskier your lifestyle, the higher your rates. Things such as your job type, how often and where you travel, how active you are, the types of sports and hobbies you have can all impact how likely you are to have an accident.
When looking into how to get disability insurance, always compare disability insurance Ontario quotes, to make sure you get the best disability insurance Canada offers. Working with a broker makes sense as they look at many companies instead of focusing on what their own company offers. Get your disability insurance quote today.
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