Disability insurance is a tough product to grasp as a consumer. There are so many moving pieces and different riders that those who know they need to protect their income, just put it off because it seems impossible to understand.
When speaking with my disability clients, what seems to sink in best is explaining to them that all disability insurance costs the same. Let me explain: Each company decides for itself how much risk to retain and how much to leave with the client. If two policies appear to be apples to apples, the one with the higher price has usually decided to retain more risk than the policy with the lower price. Unfortunately it's very hard to dig that data out of the words of the policy. That’s why your agent should be there to help you out.
A good disability insurance agent can explain to you why one policy is less expensive than the other. We will also make recommendations based on your occupation and current situation.
Generally speaking, a disability policy will cost 2%-5% of your gross income. A very small price to pay to protect your greatest asset: your ability to earn an income.
There aren’t any accurate online “quote engines” for disability insurance. You have to speak with a licensed agent and we recommend speaking with a broker who can offer you several options. Disability insurance is not “one size fits all”. If you’re interested in obtaining quotes for a disability policy, please give us a call or fill out our contact us page and we’ll be happy to make recommendations you’re comfortable with and send you the quotes/illustrations in writing and explain every aspect of the policy before you apply.