What to Know About Disability Insurance

via Wall Street Journal

I’m in my 50s and want to be sure my savings for retirement are protected up until retirement. People keep saying, “Get disability insurance.” But I can’t find any good, specific advice about the relative merits of different insurers’ plans. Do you know where I can find this data?

There is no single ranking of the “best” disability policies or insurance carriers. One reason: Different insurers tend to be a better fit for different occupations, says Mark Desiderio, a disability and life-insurance specialist with Ryan Insurance Strategy Consultants in Greenwood Village, Colo. One carrier, for instance, might have a history of working with dentists (who, as a group, tend to be big purchasers of disability policies), while a second carrier might focus on lawyers or small-business owners.

Also, the large number of options available with individual policies (when benefits kick in, how long they last, how terms like “sickness” and “disability” are defined, etc.) makes it difficult to compare coverage—and makes disability insurance an exceedingly complicated purchase.

So…start with some homework. Three online insurance brokers—PolicyGenius (policygenius.com), Disability Insurance Resource Center (di-resource-center.com) and Disability Insurance Quotes (disabilityquotes.com)—offer good information and articles about the basics..

Read the full article here

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About thebenefitblog

Eric is a Producer at Lockton Insurance Brokers, Inc., the world’s largest privately held commercial broker. Eric has over 23 years of experience in the insurance industry and has spent the last 11 years with Lockton. Eric specializes in Health & Welfare Benefits, Retirement Planning, and Executive Benefits. Eric's clients utilize his expertise in the areas of Plan Due Diligence, Transaction Structure, Fiduciary Oversight, Investment Design, Compliance and Vendor negotiation to improve the operational & financial outcome for each client. The Benefit Blog is a place to share that expertise and industry news.
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