As you know, a disability can happen to anyone. According to the Council for Disability Awareness, 1 in 4 of today’s 20-year olds will become disabled before they retire. In addition, statistics show that 1 in 8 workers will be disabled for five years or more during their working careers. With statistics like these, it’s pretty hard to turn your back on disability insurance.
The truth is, having a disability will inhibit you from living your life the way you want to and from earning a living. As a physician, you have a high standard of living and you want it to stay that way, which is why you’ve decided to buy disability insurance.
However, choosing the right disability insurance company for you is another story. When you sign on with a company, they are making a promise to you that you will be paid if something happens. Plus, the value of your disability insurance not only affects you, but your family as well, which makes picking the right company that much more important. Here are 4 things you should look for when shopping around for disability insurance.
What to Look for in a Disability Insurance Company
Stability of the company – While some insurance companies have been in business for decades, others may just be beginning their journey into the world of insurance. Bottom line, nobody wants to put their money into a company that doesn’t intend on sticking around. If a company has been in business for a while, it’s a good sign that they understand the intricacies of the insurance business and that they may be a trusted source.
Financial Health – Speaking of money, excellent financial health in an insurance company should indicate stability for the future. Nowadays, insurance companies are required to have large reserves to ensure they meet future obligations. However, you still want to do some research to find out just how well the company is doing. One of the best ways to check a company’s financial health is to check their rating. You can find out an insurance company’s true financial status easily by going online. A top-rated online tool to use is Moody’s , which provides a company overview with accurate ratings and research.
Company background – Check the background and complaint history of a company by calling the Texas Department of Insurance. Another tool for company backgrounds is the National Association of Insurance Commissioners website. Here you will find a database of complaints that have been filed with state regulators.
Company values – Impeccable values and standards is a crucial part of finding the right disability insurance company. A company with solid values is the type of company you are looking for. Also, make sure you select a company that provides exceptional service, because when the time comes to ask a question or get advice, you’ll want to know you have someone there to help every step of the way.
In the end, it’s important to seek the advice of an insurance advisor. Determining how much money to invest and which company to do that with is one of the most important decisions you can make. At TMAIT, we know just how paramount this decision is, so let us guide you in the right direction. Contact us to learn more.