If you are looking at purchasing disability insurance, the premiums are based on a few things such as occupation, health, benefit amount & elimination period. You can lower the premium by lowering the monthly benefit amount & are choosing a long elimination period which means the waiting period before the benefit is paid. You can use an elimination period of 30, 60, 90 & 180 days. The long the elimination period the lower the premium.
Some ways to lower the cost of disability insurance are:
1) Take a lower monthly benefit;
2) choose a longer elimination period;
3) choose a shorter coverage period;
4) eliminate riders such as COLA, residual disability, etc; and
5) shop around so you can get the policy with your lowest possible premium.
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1) Take a lower monthly benefit;
2) choose a longer elimination period;
3) choose a shorter coverage period;
4) eliminate riders such as COLA, residual disability, etc; and
5) shop around so you can get the policy with your lowest possible premium.