|
|
|
|
|
|
|
|
Disability Insurance Rates |
|
|
Disability insurance rates are developed from a number of criteria. For instance, the use of tobacco can affect disability insurance rates. Some companies reflect this by offering non-smoker discounts which can lower the cost. Disability insurance rates are also affected by health. Health conditions can cause disability insurance rates to increase or sometimes certain conditions cause waivers to be placed upon the policy. An example of a waiver would be for someone who has had back surgery to repair a disc. This could allow for coverage unless the disability is related to the back. While this might seem unfair, it is important to remember one of the principals disability income insurance is built upon is to insure one against future illnesses or injuries, not pre-existing ones.
disability insurance rates are also affected by occupation. Some companies will not offer coverage to individuals in certain occupations. Professional athletes, actors and actresses, farmers and laborers may find this to be the case. Other occupations will cause disability insurance rates to be higher, benefits to be limited, or both. Certain clerks, repairmen, skilled workers, etc. will likely be in this situation. The occupational classification guide shows how companies may view various types of occupations.
Disability insurance rates are determined actuarially and the term morbidity is used to determine the incidence of illness or injury in any given occupation, avocation, etc. The disability insurance rates are largely the result of claims experience of the company and the insurance industry.
Individual disability insurance rates require complex calculations. Sometimes you may find that individual disability insurance rates for certain professions requiring more training can still be higher than disability insurance rates for other professions that require less training.
Disability insurance rates are surprisingly low on a special type of coverage known as overhead expense coverage. This is good news for many professionals who have spent years building practices and have considerable overhead and staffing expenses. While a good disability income insurance policy can protect an individual from loss of income, the expense of his or her practice continue while on they are on disability can be overwhelming. Berkshire Life offers a Professional Overhead Expense policy (Policy Form 4100) with competitive disability insurance rates. For a Professional Overhead Expense quote, please contact us.
|
|
Policy Forms 0100, 1100 and 2100 are underwritten and issued by Berkshire Life Insurance Company of America, Pittsfield, MA, a wholly-owned stock subsidiary of The Guardian Life Insurance Company of America ("Guardian"), New York, NY. Policy Forms NC111 and NC112 in CA are provided by Guardian. Product provisions and features may vary by state. |
|
|
|
|
|
|
|
