Frequently Asked Questions
"How Much Will Disability Insurance Cost Me?"
Answer: Your premium will depend on a number of variables some of which are optional, as indicated below:
- Type of policy selected:
- Short-Term Disability Insurance
- Long-Term Disability Insurance
- Type of disability covered:Waiting period—This can range from 0 days to a year
- Accident Only
- Accident & Sickness
- Benefit amount—This can range from $500 to $5,000 per month for Short-Term policies and up to $20,000 per month for Long-Term policies.
- Benefit period—This can range from two years to the rest of your life
- Age at purchase— Premiums are based in part on your age at time of purchase
- Occupation—Occupational risks can be a significant factor in a premium calculation
- Medical Underwriting—If you are deemed to be a medical risk at time of purchase, you can expect to pay a higher premium.
For instance, a healthy 35 year old accountant who wants a monthly disability benefit of $2,500, with a one month waiting period and a three year benefit period would pay $200 a month. If he were to choose a six month waiting period rather than one month, his premium would decrease from $200 to $150 per month…..(Please note: You will find a variety of different options, including premiums, in our “Comparison” section).