Disability Insurance Broker

Written by Patricia Tunstall
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A disability insurance broker might just provide you with one-stop convenience for all your insurance needs. Many people carry home insurance or renter's insurance, in addition to auto, health, dental, and life insurance. If you found a broker who had access to many providers, that broker would know your insurance needs and could match them with the best, most affordable plans.

Not only that, but this agent would have a vested interest in getting you favorable policies because you are willing to give this agent all your insurance business. Knowing your needs and financial resources, your broker could suggest adjustments in coverage as your family grows, changes in policies, or even changes to another provider. As you grow older, your chances of illness or injury grow also, and a trusted broker would not only be aware of this fact, but would take care to always obtain insurance that is in your best interests at various stages of your life.

Broker Advice Can Save You Money

When it comes to cutting premiums and still getting good coverage for income protection insurance, a broker can apply experience with the insurance industry. Agents often recommend longer elimination periods of 90 days or longer, which is the time you must wait before benefits begin. The two of you might consider a policy in which you have the most favorable definition of disability ("own occupation"), and then a reasonable definition for the duration of any disability.

Another cost-cutting measure would be to get a policy that has integration, meaning, any benefits are offset by any other wages or benefits you would have, such as Social Security disability. You can also get a step-rated contract in which the premiums can go up over a period of time. All these possibilities would not occur to a lay person, but should be automatic to an experienced disability insurance broker.

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