|Question: How can I reduce the cost of disability insurance?|
Start by finding out if you're eligible for disability benefits from a group disability insurance plan. For the most part, group insurance is less expensive than individual policies. Keep in mind, however, that group insurance offers fewer and less flexible benefits. You'll want to check with your employer, insurance agent, professional association, or state insurance department to find out what group plans you're eligible for.
If group disability insurance is not available to you or if you need additional coverage, there are several strategies you can use to make individual disability coverage more affordable:
Note: Before you make a decision on disability insurance, review your financial situation to see how much coverage you need. One of the dangers in trying to reduce the cost of disability insurance is that you'll end up with a policy that doesn't adequately protect you. So always buy the best coverage you can afford. Sometimes, however, it comes down to this: Either you buy no disability insurance or you buy a low-cost policy. In this case, any coverage you buy is better than no coverage.