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What Determines Disability Insurance Rates If you think you might end up being disable, although this might be a rare case, then you can choose to get ether a long term or short term disability, however, fact remains that your luck might run out and so you have to be careful. If you are going to get a package, first ensure that you are aware of the nitty gritties of both packages, for example, the long term package is able to help you get payments every year while the short term one helps you get payments for less than one year. You cannot enjoy the benefits without paying for either the long term or the short term policy because everything has a price tag to it, let’s look at factors that determine this.
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Heard of the elimination period? Well, this is the period where you will stay without receiving the payments, usually longer for people who were paying low premiums, nonetheless, this is a major factor that determines the cost of disability insurance.
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The insurance you pick determines a lot, in fact, if there’s a shorter elimination period, then you will have some high premiums meaning some good returns and some amazing benefits too. It is interesting how there’s a direct relationship between premiums paid and benefit period, period where benefits are paid, like for example, companies that have a longer benefit period policies are more likely to be expensive. Another thing that is considered is the nature of job you are doing and the place you live, this is because some people are exposed more to damages than others, and this might prove to be an expensive affair to insurance companies hence the need to charge them more. Bad medical records will hurt you when it comes to premiums because you will pay more than the others, in addition, if you earn more you will have to pay more premiums, so keep this in mind. Ultimately, they will have to check the age and the gender of the policy holder, which helps in determining the cost of the insurance, most insurance companies hence have the right to increase their premiums. In the long run, you will want a company that is able to keep it’s promise and that will deliver as promised, so take time to look for one good one because most companies will hike prices anyhow they wish without worrying about their customers. It is always good to check out prices of different companies before committing yourself to one, and this will help you compare between companies and in fact, check out the services, benefits they offer.