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2 year, 5 year or to Age 67
When choosing the disability plan to cover your needs, three things are important for you to consider:
1. How much of your income to wish to insure? If you earn $60,000/ annually your net income is around $40,000. The premium for the product has around 6 major factors that are taken into consideration which are: The benefit period you wish to insure: (2 yr, 5yr, or to age 67), your occupation, your age, your health, the waiting period ( 30,60,90,180,365 days) and the amount of income you wish to insure, which will determine the “benefit amount” that will be paid if a disability occurs and the policy is triggered. Do you wish to insure all of your income?
2. How long do you need the benefits to be paid in the event of disability?
3. What “waiting period” can you financially afford to wait before benefits are paid after you become disabled? The longer the waiting period, the less expensive the premiums.
Your occupation will determine the “classification” a disability underwriter will use. The classifications typically are range from A to AAAA. A contractor, active in the field, for example will most likely have an A classification and an executive that remains in the office conducting business over the phone and computer would most likely be a AAAA.
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