Shopping for insurance is something that consumers in the St. Louis area do. However shopping for disability insurance can be very complex and difficult. First of all, it is not like life insurance where consumers pick the lowest priced policy from an insurer who will be around for the long term. The goal isn’t necessarily to buy the cheapest policy possible. The goal is to purchase a policy that will result in an approved disability claim rather than a denial. Insurance Brokers in St. Louis MO can be very useful for consumers looking to pick the right disability policy.
When shopping for disability insurance, consumers are actually buying favorable policy language that will result in approved claims. Insurers often sell cheap disability policies in which the definition of a disability is not generous. For example, a jeweler uses his hands and fingers to make a living with a good wage. If the jeweler suffers a permanent finger injury, he may not be able to work as a jeweler. However, he can still work in a low wage retail job. The insurer may deny a claim on a cheap disability policy since the jeweler can work at any occupation despite the finger injury. It doesn’t matter if the wages in the replacement job are a lot lower. That is why it is a good idea to pay more for better policy language. Own occupation policies are a very good idea for many in white collar professions such as doctors, lawyers, dentists, and IT professionals.
Most consumers should use insurance brokers in St. Charles MO to help them find own occupation policies that pay out even if the insured can work at another occupation. Finding the right disability policy while trying to minimize cost can be time consuming. The cost of own occupation policies are generally a lot higher than the cheapest policies that require the inability to work at any job. Brokers who work with many different insurers will be able to help consumers find the lowest cost policy that is able to provide financial protection in case of a disability. Remember, many people who have substandard disability policies can’t switch to other policies because they cannot pass medical underwriting today. That is why it is important to make the right decision at initial purchase.
