Are there any policy features in particular that people should look for when purchasing a disability insurance policy?
Always purchase Noncancelable, Guaranteed Renewable coverage. These features mean the insurance company can’t cancel your policy, increase your premiums, or change the contract language, as long as you pay your premiums on time. Always buy “own-occupation” coverage protecting what you do for a minimum of five years, but preferably for the life of the contract. This feature pays you monthly benefits if a disability leaves you unable to perform your own occupation even if you can still work in another occupation. Obtain the longest benefit period possible – lifetime if available, but at least until you reach age 65. While you might consider a five-year benefit period to reduce premiums, this is a risky gamble as your disability might last much longer. In addition, if you are young and expect to earn a lot, paying extra for COLA (a cost-of-living adjustment rider) is money well spent. If you become disabled, it will keep your monthly benefit ahead of inflation. You might also consider add
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