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No, the cost of a policy is the same whether you buy it directly from the insurance company, or use a broker like DocPlanning. Because we quote multiple carriers we can make sure you find the right insurance carrier and best price for your specific needs. 

The cost of the policy will depend on many factors:

• Your Gender
• Your Health
• Your Occupation 
• Your State
• The definition of disability (i.e. Own-Occupation)
• Optional benefits added to the policy such as inflation protection or partial benefits

You can expect to pay anywhere from 1-4% of your annual gross income for a non-cancelable, guaranteed renewable policy. 

By working with all major carriers and quoting multiple options at each, we are able to present you with all your options and eliminate the hours of online research you would otherwise have to do yourself.

The best time to buy disability insurance is when you are young and healthy. Your eligibility to obtain disability insurance is heavily based on your current and past health. Pre-existing conditions can render you unable to obtain any coverage or they can severely limit the quality of any coverage that will be offered to you. Additionally, rates will be lower when you obtain coverage at a younger age.

The application process is as follows:

• Click on the “Apply Online” on your quote comparison and complete the online application form.
• The insurance company will review your application, health history and financial documentation.
• When your application is approved, our office will e-mail the policy to you.
• You can expect the entire process to take between 3-6 weeks.

If you pay your premiums with after-tax dollars, the benefits will generally be tax free. If you deduct the premiums or your employer pays the premiums on your behalf, the benefits will likely be taxable to you. In most cases, disability insurance premiums will not be deductible to begin with. It’s always best to discuss this with your accountant to determine how your premiums are being paid.

Underwriting is the process used by an insurance company to determine your risk and whether your application will be approved. The insurance company will review:

• Your current and past medical history;
• Your medical records; and
• Financial documents (pay stubs, tax returns, etc), which are examined to justify the amount of coverage you are applying for.

If you have any pre-existing conditions or concerns, this should be mentioned to us before applying for any insurance. In many cases, we are able to pre-screen these concerns with the various insurance companies to determine what the expected outcome will be.

A medical condition that existed prior to the purchase of your disability policy may be excluded from coverage. Depending on the condition, the exclusion may be permanent or temporary.

Most policies are priced to favor the 90-day elimination period. In many cases, the premium doubles by decreasing the waiting period to 60 days.

If your policy is non-cancelable and guaranteed renewable, the policy benefits will not change as long as you continue to pay the premium.