Those not familiar with the cost-benefits of a disability policy think that all policies are the same, thus the lower premium is the best policy. Can this be true? of course not!
The old saying “you get what you pay for” is never truer than here.
If you shop for a policy and the major factors (monthly benefit, Elimination period, Benefit period, definition of total disability and all the riders) are the same, then price can be an important factor and one you can use to decide. If these factors are different then you must weigh the differences when looking at price.
Example: Two policies are identical except for the definition of disability. One policy is Own Occupation and the other is Any Occupation. If the cost is close then always choose the Own Occupation Policy.Comments