Everything You Need to Know About Applying for Disability Insurance

Disability insurance helps replace the income you lose if you become unable to work due to injury or illness. There are two basic types of disability coverage, each with its own set of benefits and requirements: long-term disability insurance and short-term disability insurance. Before you start the application process, here’s what you need to know about applying for disability insurance.

Who Should Get Disability Insurance

If you’re planning on leaving your job, due to illness or injury, disability insurance is probably a smart investment. A little-known fact: there are two types of disability insurance—short-term and long-term. Long-term coverage kicks in after a certain period of time (usually one year), while short-term is more like health insurance and kicks in right away.

Can You Qualify For Long-Term Disability Benefits?

If you cannot work because of an injury or sickness, disability insurance will provide a portion of your income while you are unable to work. However, disability benefits have tough eligibility requirements and are available only through special plans, which means most people will not qualify. Read on to learn more about whether you may be eligible for long-term disability insurance and what steps you can take if you want to protect yourself financially in case of injury or illness.

How Much Does Disability Coverage Cost

It’s fairly affordable, with premiums typically costing less than $100 per month. Of course, your exact premiums will depend on a number of factors such as your age and health status. There are also numerous other costs associated with disability insurance that you’ll want to take into account. These include

The Application Process

If you’re planning on applying for disability insurance with a traditional carrier, you’ll need to fill out a detailed application. Before you apply, gather your documentation and make sure all of your personal information is correct and up-to-date. Your application should include

How Do I Choose a Policy?

When applying for disability insurance, it’s important to know what kind of policy is right for you. There are several factors that you need to consider when choosing a policy. Take some time to evaluate your current situation and assess how likely it is that you’ll become disabled in any way. Each disability claim has a different definition of disability so make sure you understand what criteria must be met before considering an application.

How Often Should I Update My Information?

When you’re thinking about applying for disability insurance, it’s important to consider whether your life has changed in any way since you last applied. For example, have you gotten married or had a child? Has your family moved? Have your medical conditions worsened? If so, there’s a chance that you might not be approved. Make sure you check with your insurance provider before submitting an application.

What If My Income Changes While Waiting For My Claim To Go Through?

If your income fluctuates or if you have a lengthy waiting period, you may still be able to qualify for disability insurance. Most insurance providers will provide a guaranteed future insurability option that allows you to obtain additional coverage later, should your income change during your waiting period. However, most policies will stipulate that any new coverage will not take effect until after your current claim has been settled and all appeals have been exhausted.

Other Important Things To Know

Most disability insurance companies will require applicants to be 18 years or older, and most don’t allow coverage for preexisting conditions until at least two years of continuous coverage have passed. Other general requirements include a clean driving record and a good credit score. Applicants may also be required to take a medical exam, which is covered by disability insurance providers in most cases.


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