Looking for Disability Insurance in Houston?
The Two different types of Disability Insurance
There are two different types of disability coverage:
Long Term Disability
Long Term Disability (LTD policies have a waiting period of several weeks to several months with a maximum benefit period ranging from a few years to the rest of your life
Short Term Disability
Short Term Disability (STD) policies have a waiting period of 0 to 14 days with a maximum benefit period of no longer than two years.
Important Disability Insurance Conditions
This means the policy cannot be canceled by the insurance company, except for nonpayment of premiums. This gives you the right to renew the policy every year without an increase in the premium or a reduction in benefits.
This gives you the right to renew the policy with the same benefits and not have the policy canceled by the company. However, your insurer has the right to increase your premiums as long as it does so for all other policyholders in the same rating class as you.
More things to consider
In addition to the traditional disability policies, there are several options you should consider when purchasing a policy:
- Additional purchase options
Your insurance company gives you the right to buy additional insurance at a later time.
- Coordination of benefits
The amount of benefits you receive from your insurance company is dependent on other benefits you receive because of your disability. Your policy specifies a target amount you will receive from all the policies combined, so this policy will make up the difference not paid by other policies.
- Cost of living adjustment (COLA)
The COLA increases your disability benefits over time based on the increased cost of living measured by the Consumer Price Index. You will pay a higher premium if you select the COLA.
- Residual or partial disability rider
This provision allows you to return to work part-time, collect part of your salary and receive a partial disability payment if you are still partially disabled.
- Return of premium
This provision requires the insurance company to refund part of your premium if no claims are made for a specific period of time declared in the policy.
- Waiver of premium provision
This clause means that you do not have to pay premiums on the policy after you’re disabled for 90 days.
If this sounds confusing, don’t worry. The team at Insfinity is here to walk you through your options and make sure you get the best possible coverage for your needs and budget.
21902 State Hwy 249
Houston, TX 77070