To qualify for Disability Insurance, one must fill out an application and take a free insurance exam. The applicant's health must be fairly good, and the occupation cannot be extremely risky (although there are stipulations on policies to deal with most occupations). The person applying for Disability Insurance must have an income. These factors all together qualify the applicant for Disability Insurance.
Disability insurance underwriting differs from life and health insurance underwriting. There are a few additional factors the insurance company will consider. Besides needing to have good health the underwriters will want to know about your occupation. They will ask for proof of income, time on the job, time in the profession and the risk factors of the job. They use a 5 tiered rating system based on risk. A computer programmer is less of a risk than a bomb squad member. All of the health and occupation factors are carefully considered in determining the premium. I recommend using a trusted disability insurance broker and apply to a few companies to get the best rate available for your risk factors.
There are many qualifying factors to purchase an individual disability policy. The underwriting company will need the following information. Your age, build, health status, life style, state of residence, occupation, length of employment, income and net worth. You will need to take a paramed exam with most carriers for monthly benefits that exceed $2,500 per month. However, there are small little indemnity type short term plans that have very low benefits and easier to qualify for. Be sure your plan protects your financial goals.
The first thing you need in order to qualify for Disability Insurance is an income. Unfortunately, DI does not cover people who are not bringing in an actual paycheck, even if they are working at home or for a contributing their labor to a charity.
Secondly, you need to qualify medically. Disability policies sometimes exclude pre-existing conditions so that you can get the policy even if you have a health condition. Other policies will cover those health conditions, and some will decline if certain health conditions are present.
Finally, you need to be at an occupation that is able to be covered. You may be unable to get Disability Insurance if you work in a very dangerous occupation.
A Disability Insurance broker that carries several different companies can help match you with the best policy for which you do qualify.
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Secondly, you need to qualify medically. Disability policies sometimes exclude pre-existing conditions so that you can get the policy even if you have a health condition. Other policies will cover those health conditions, and some will decline if certain health conditions are present.
Finally, you need to be at an occupation that is able to be covered. You may be unable to get Disability Insurance if you work in a very dangerous occupation.
A Disability Insurance broker that carries several different companies can help match you with the best policy for which you do qualify.