If you are shopping for disability insurance, you may not have thought much about the purchase of life insurance too. However, there are several reasons to consider purchasing a life insurance policy at the same time.
When you purchase an individual disability policy, it requires you to conduct a paramedical exam which entails a blood and urine test. These results stay current for up to 6 months. If you decide to purchase a life insurance policy, you may use the same lab results for that application. This can help you save time.
If you are dependent on your own income, disability insurance is important. If someone else is dependent on your income such as a spouse or a child, life insurance becomes important.
The general rule of thumb is that you need approximately 10-12 times your income to replace your income. And, you need the insurance to last until your youngest child is about age 25.
Life insurance underwriting is slightly different than disability insurance. While disability insurance can offer a policy with exclusions, life insurance offers coverage at various levels depending on health. It could be super preferred nonsmoker or standard smoker, depending on your situation.
Life insurance rates are based on your closest age. This means that you age on your 1/2 birthday. Disability insurance ages you on your actual birthday.
Just like disability insurance, it is important to shop around for life insurance as rates can vary from company to company.
For more information about shopping for disability or life insurance. contact Set for Life Insurance today!