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In the 1970s I had one of those light bulb illuminating ideas that gave me the opinion that I needed to get disability insurance.
I got a policy through my local Farm Bureau agency. At the time I got it, I could specify the dollar amount of coverage that I wanted to receive. As with all insurance the higher the coverage, the higher the cost. I could also specify the length of time the insurance would pay a replacement salary or stipend. This, too, affected the premium cost.
After 15 or so years of not ever using the policy I changed occupations and dropped it.
A few years later I started riding motorcycles, so once again opted for a disability policy.
Motorcycle riding is in a high risk category, as was my other line of employment. It wasn't cheap, but wasn't outragous either.
A policy is based on replacement income or coverage value, risk of injury category, length of time you wish to receive payments, and if you want the insurance to pay future premiums should you become begin collecting temporarily.
Edited to add: I think the premium is also based on how quickly the insurance kicks in after a disability, i.e. after two weeks, after a month, etc. My policy was after a one month waiting period, but retroactively paid to day one.
I got a policy through my local Farm Bureau agency. At the time I got it, I could specify the dollar amount of coverage that I wanted to receive. As with all insurance the higher the coverage, the higher the cost. I could also specify the length of time the insurance would pay a replacement salary or stipend. This, too, affected the premium cost.
After 15 or so years of not ever using the policy I changed occupations and dropped it.
A few years later I started riding motorcycles, so once again opted for a disability policy.
Motorcycle riding is in a high risk category, as was my other line of employment. It wasn't cheap, but wasn't outragous either.
A policy is based on replacement income or coverage value, risk of injury category, length of time you wish to receive payments, and if you want the insurance to pay future premiums should you become begin collecting temporarily.
Edited to add: I think the premium is also based on how quickly the insurance kicks in after a disability, i.e. after two weeks, after a month, etc. My policy was after a one month waiting period, but retroactively paid to day one.
