Disability Insurance: Individual: Things To Think About When Purchasing

In general, less expensive is better. That said, price is only one of the factors in determining whether a particular Disability Insurance policy is best for you.

If your health condition results in a rated (higher than normal) premium, at least you’ll have an assurance of an income stream in case you become disabled.

Note: It is preferable not to deduct Disability Insurance premiums from your taxes even if you are self-employed. If you don’t deduct the premiums, you receive the disability benefits income tax free. Receiving the benefits income tax free should you become disabled is generally far more valuable than any savings you would realize by deducting the premiums.

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