Factors Affecting Disability Insurance Coverage

1. Factors Affecting Disability Insurance Coverage There are many rumors and confusion in the market when it comes to disability insurance. I cannot cover the entire topic of this type of insurance in detail in one single go. But I can at least try to cover the most important part – the factors that affect the coverage amount of the disability insurance. The coverage you need to pay majorly depends on the risk of you getting disabled. It also depends on whether you are buying an individual policy or group plan. So, let’s get started. Age The older you grow, there are more chances you getting disabled. And hence, it is more common for you to get higher monthly installment amounts. This is a no- brainer for anyone out there looking for an insurance policy, as this condition remains the same in all prospects. So, it is always a wise option to get disability insurance in Mississauga when you are young and healthy. Gender This is one place where men get the short end of the stick. Women are supposed to pay around 40% higher coverage amount when compared to men. This is because it is more likely that women will claim disability insurance more frequently. And also use it for longer periods. Health History This is definitely one of the aspects that need to be considered for understanding long-term health problems that can make you disable. So, some of the lifestyle habits or health ailments that insurance companies take note of are: oTobacco use (past and present) oFamily medical history oChronic conditions oBlood and urine tests oCurrent height and weight proportion

2. The younger and healthier you are, the less premium you need to pay off. Occupation Another thing that can impact a lot on your premium amount is the nature of the job you deal with. The company sees if you have a more physically demanding job profile that can be subject to accidents or health problems in the future. The insurance companies classify the jobs according to the health hazard involved and so are your premium decided. These are some of the important factors that insurance companies notice while setting up your monthly premium for disability insurance in Mississauga. Contact: Pranesh Kunhikrishnan Duralegacy 201-1501 Ellesmere Rd, Scarborough, ON M1P 4T6 (647) 351-3872 pranesh@duralegacy.com https://www.duralegacy.ca/mississauga/disability-insurance/