All About Business Disability Insurance: Update Jan. 15 - 2010 All About "Business Disability Insurance" By Insurance Experts

The main purpose of business disability insurance is to to replace an employer and employee's income should they be unable to work as a result of either an accident or a sickness. In fact, People tend not to spend a lot of time thinking about the financial devastation that could result from a disabling injury or sickness therefore if disability strikes, the balance between personal earnings and expenses suddenly is upset, and the threat of financial disaster can quickly become a reality.
(Written By Kyle J. Norton)

Save Money on Disability Insurance Premiums As a Female Professional

By Michael Relvas

If you are a female professional that is in the market for Long Term Disability insurance, you probably have realized that disability coverage for women is fairly pricey. Due to a higher claims history with women, insurance companies usually charge 30-40% more for women than they do for men. As a female professional, it is important that you learn about the different ways that you can save on your premiums without having to sacrifice the benefits.

Most people looking for individual Disability insurance will do so either because they are self-employed or because their employer does not provide coverage for them. Whether you are a female business owner or a female professional working for a small, medium or large business, you could qualify for significant savings on your Disability insurance premiums. The following are two techniques we often use for our clients.

Multi-Life Disability Insurance Discount

The first and most effective manor in which female professionals can save money when obtaining individual Disability insurance, is by applying through a multi-life scenario. Insurance carriers offer multi-life discounts to groups of 2 or more (3 or more, with some carriers) people who will be applying for Disability coverage together, as long as they work for the same business. Having more than one applicant distributes the risk an insurance company is taking and therefore, they are willing to offer discounts as an incentive. There are two ways that women save money when applying through a multi-life scenario. First of all, each applicant will qualify for unisex rates, which can reduce female rates by approximately 30 percent. Additionally, insurance companies offer a 5 to 10 percent discount because there are multiple policies being obtained. Typically while a male professional may save 5-10 percent, a female will normally save upwards of 40 percent on their premiums by applying under a multi-life discount scenario.

Many insurance brokers/agents do not market this opportunity as much or as well as they should - perhaps because they would rather the higher commission on individual policies or perhaps because they simply do not have the knowledge base. In either case, as a savvy and informed consumer, you should ask questions about the multi-life program offered by each Disability insurance carrier you consider.

Association Discounts for Disability Insurance

Another way of saving on your Long-Term Disability insurance premiums as a woman is by researching Association Discounts that may be available. For example, one insurance carrier we work with will provide a 10 percent discount to all members of the National Association of Women Business Owners. When speaking with an insurance broker/agent, you should let him/her know about any associations you belong to or are considering joining. You may qualify for discounts that you are not aware of. In some situations, you may even be able to join simply to take advantage of the discount available.

Be careful not to mistake association discounts for association plans which are actual disability contracts provided through associations such as: American Medical Association, American Dental Association, American Bar Association, American Institute of CPAs, American Veterinary Medical Association, etc. Although plans provided by such associations may be less expensive, the coverage they provide is significantly lower quality than an individual policy. Commonly, these types of plans are specifically weak in their definitions of disability, residual benefits and often include a 24-month limitation on benefits for disabilities caused by mental or nervous conditions.

M*R Insurance Consultants is a web based insurance firm that helps consumers in purchasing Life Insurance and Disability Insurance on the Internet. Our specialists take a consultative approach to every client's circumstance providing personalized quotes, information and advice about how to obtain quality coverage at the right price.

Article Source: http://EzineArticles.com/?expert=Michael_Relvas

Private Disability Insurance Gives You Protection in Difficult Times

By Em John

Private disability insurance gives you protection in difficult times.

Nobody likes to think of being disabled. Unfortunately when accidents happen, they quickly change your financial prospects. What are your options when you find yourself in a difficult spot? In other words, you should have a plan of action, if you do not already have, in case there is a situation where disability insurance will be required.

There are 2 kinds of Private Disability Insurance:

* Premiums guaranteed to be the same for the life of the contract, unless the benefit is increased.

* Guaranteed interchangeable where a company reserves the right to increase the insurance when the number of people in a specific category begins to increase.

Your Insurance Depends On:

* Weighing of Potential Hazards: Job Dangers and the potential for you to get injured

* Compensation: Are you looking to cover all your expenses?

* Medical History: Your current health and what medical history your family has and whether this income can be survived upon

Other factors that go into the assessing your situation, are your sex, age and province or state of residence. Also, Residual and partial riders are available for you if your situation changes and you go back to work in another job or somehow you experience a loss of income or wif you go back to work as a part-time employee, but in the same job.

So the bottom line is this:

Although no one likes to talk about getting hurt, Private Disability Insurance is critical to have during these times. Investing in a policy helps to strengthen your overall financial plan, or at least gives it a solid foundation.

Many people like to go online to get these insurance quotes. Click Here to find and compare Private Disability Insurance with the best providers. It's fast and easy. You'll save time and money.

Happy Hunting & Good Luck.

Article Source: http://EzineArticles.com/?expert=Em_John

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