The Insurance Buying Guide: Conclusion
A disability income insurance policy is priced according to your age, sex, occupation and health -- factors you can't typically change.
But as with other types of insurances there are other factors that you can change that will affect the policy's premium -- and help you customize the benefits to suit your needs. These factors are the length of the elimination period, the length of the benefit period and the benefit amount.
The following chart illustrates these points.
Premium Considerations
| Objective | Actions |
| Lower the premium | Reduce the benefit period Increase the elimination period Reduce the benefit amount Eliminate optional benefits |
| Raise the premium | Increase the benefit period Decrease the elimination period Increase the benefit amount Add optional benefits |
Other factors that will affect the price of your policy include any optional coverages you may buy. The purpose of these optional benefits is to enhance overall protection and to help meet your specific needs. The more common optional benefits include the Future Increase Options, Cost of Living Rider, Social Security Rider and the Additional Monthly Income Rider.
