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Disability Insurance Premium Rates: Factors that Determine Your Rate If you think you might end up being disable, although this might be a rare case, then you can choose to get ether a long term or short term disability, however, fact remains that your luck might run out and so you have to be careful. These two policies are distinct in their way, the long term disability package allows you to receive payments every year as long as you are disabled while the short term one only supports one for a year one less than a year. Prices of long term and short term disability policies vary from one company to the other and they are caused by several factors, so let’s look at some of these factors that cause this to happen.
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The most important factor to consider is the elimation period, the period before one starts receiving payments, so the longer the period, then the cheaper the premiums.
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However, if you want a shorter elimination period, then you should consider that you will pay some high premiums, in fact, you will also have an effect in your benefit period because this is determined by the cost of the insurance at hand. Benefit periods are determined by the amount of premiums paid and if the policy holder needs to extend this period, then he/she should consider paying more. Insurance companies need to look at several things, and these things such as where someone resides determine a lot, so make sure to ensure you check out on such factors before getting out to get your own disability plan. Premiums are determined by so many factors and one of them being the amount of money earned per year and another being the health record of the policy record, so if you have a bad record, you will pay more premiums. In all cases, the insurance companies will have to check the gender and the age of the policy holder so that it helps them determine the amount the person will pay for their premiums. In the process, it is not hard to find a good insurance company that will help you out, nonetheless, most companies end up hiking their premium prices without minding what people will do and that is why most people fear them. It is always good to check out prices of different companies before committing yourself to one, and this will help you compare between companies and in fact, check out the services, benefits they offer.