Title: Individual Disability Insurance: Back to the Basics (And Beyond) | White Coat Investor
Headings: Individual Disability Insurance: Back to the Basics (And Beyond)
Individual Disability Insurance: Back to the Basics (And Beyond)
What to Look for in a Disability Insurance Policy
What Provisions Should Be Included in Your Disability Insurance Policy?
#1 Non-Cancellable and Guaranteed Renewable
#2 “Own-Occupation” Definition of Total Disability
#3 Residual or Partial Disability Benefit
#4 Recovery Benefit
#5 Cost Of Living Adjustment (COLA) Rider
#6 Future Increase Option (FIO) Rider or Benefit Update/Benefit Purchase/Benefit Increase Rider
Unisex (Gender Neutral) Premium Rates for Females – Going, Going…Gone?
Claims Related to Mental/Nervous and/or Substance Abuse Disorders
Foreign Residence and Travel
Active Duty Military Residents/Fellows
Premium Rates and Contractual Provisions
Parting Thoughts

Content: It comes to us from long-time scholarship supporter Lawrence B. Keller, CFP®, CLU®, ChFC®, RHU®, LUTCF of Physician Financial Services. I recently had the opportunity to chat on the phone again with Larry and am always impressed with his desire to serve you and make sure you get the best policy for you even if it doesn't result in a commission for him. Thank you for supporting those who support this scholarship.] Lawrence Keller
Purchasing an individual disability insurance policy is often one of the first steps in creating a financial plan. After all, your ability to work and earn an income is what allows you to pay down debt, build wealth and create a lifestyle for you and/or your family. Disability insurance is something that anyone who is working but has not yet achieved financial independence needs. While you might love what you do, if you are working because you need to generate an income, you need to protect that income, and the only effective way to do that is to purchase disability insurance. This article will help you understand which features should be included in your disability insurance policy and why. What to Look for in a Disability Insurance Policy
At its very core, disability insurance is akin to an Automated Teller Machine (ATM) Card. The more hours you have access to a cash machine, the easier it is to withdraw funds from your account.