Title: Buying Life and Disability Insurance at the Same Time | Policygenius
Headings: Buying life and disability insurance at the same time
Buying life and disability insurance at the same time
The best way to protect your income is by having both a life insurance and disability insurance policy in place.
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How insurance works
Is life insurance worth it?
Is it worth getting long term disability insurance?
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Why you should apply for life and disability insurance at the same time
How to apply for life and disability insurance at the same time
1. The best time to apply for insurance is now
2. Two applications, one timeline
3. Take only one medical exam
4. Ensure that you’re covered
Adding disability coverage to your life insurance policy
Disability income rider
Waiver of premium rider
Accelerated death benefit rider
Critical illness rider
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Content: Like life insurance, long-term disability insurance is a form of income replacement. But unlike life insurance, long-term disability insurance protects your income while you’re still alive. For this reason, anyone who depends on an income to live or save should purchase disability insurance. If an accident or illness means you can no longer work, the long-term disability benefits pay out a percentage of your former salary for a length specified in your policy. The chances of becoming disabled at some point in your career are higher than you might think— one in four people experience a disability at some point while they are employed and many of the disabilities people can experience go beyond the kind of workplace accidents that are covered by workers’ compensation. Cancer, back and muscle pain, and depression and anxiety are all examples of conditions that may bar someone from working at some point in their career. The graph below demonstrates the plausibility of getting a disability at each age. You’ll notice that as you get older, the likelihood that you become disabled for longer increases. Current age
Likelihood of a long-term disability before retirement
Average duration of a long-term disability
20-30
2.5 in 10
26 months
31-40
3.3 in 10
32 months
41-50
3 in 10
42 months
51-60
2.3 in 10
50 months
60+
1 in 10
54 months
Many people choose not to opt-in for disability insurance because they are covered by group insurance from their employer, but employer-provided disability benefits are usually short-term and don’t offer enough coverage to adequately replace your income. Compare and buy life insurance
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Why you should apply for life and disability insurance at the same time
Applying for long-term disability insurance is a similar process to applying for life insurance and applying for both at the same time ensures that you’re not lacking any necessary financial protection.