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Q: What factors relate to the cost of disability insurance? A: Q: How is disability defined? A: The definition of the disability will be outlined
in your policy and may vary between companies. That definition
will determine the circumstances under which you will be able
to receive payments, and possibly whether you may be able to
go into some other line of work while still drawing on your disability
benefits. Q: Who needs disability insurance? A: Most people need some kind of coverage, which
will replace most of their usual income in case they cannot work
due to disability. When people without disability insurance
become disabled, income stops or is reduced, and savings are
drained. Some exceptions are those with high levels of investment
income, students, or individuals whose spouse continues to provide
enough income to cover expenses. Q: What type of medical
exam is required? Q: When does my insurance coverage begin? A: Most companies provide temporary and conditional
coverage at the completion of the medical exam provided a premium
payment is made when the application is mailed. This coverage
is subject to the conditions outlined in the conditional receipt.
If you are replacing an existing policy, it is very important
to continue coverage until a new policy is approved at a satisfactory
premium.
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