It seems so expensive. You’re correct. The overwhelming majority of both accident and sickness disability policies are purchased through the workplace at a very reasonable rate for the insured. In fact, if you are self-employed, be prepared to pay about twice as much for comparable coverage if you do not purchase through your employer.
Selected Benefits has pioneered a better way to obtain the coverage you need at a much lower price. What we recommend is combining a short-term accidental disability policy with a high face amount critical illness policy.
Based on the numbers, most accidents do not result in a permanent disability and can therefore be insured on a shorter term basis. We normally recommend a two year benefit with a 30 elimination. Your payments will begin after the 30 day waiting period and will last for up to two years should you be unable to return to work (highly unlikely).
On the sickness side, we recommend a high face amount critical illness policy that will pay you an immediate lump sum benefit upon the verification of the diagnosis. There is no waiting period to receive your monies other than a few weeks for the insurance carrier to verify to illness. The policy will then pay you the entire face amount of the plan ($50,000 up to $500,000 depending on what you purchase) to be used as you wish. Most people will use the monies to pay off any related medical expenses and pay their regular monthly living expenses. You’ll normally have a quite a bit left over once you’ve recovered from the sickness and are free to use those leftover monies any way you wish. Almost everyone will receive a higher payout over time than if they paid a similar premium for accident/sickness disability coverage. These critical illness policies generally cover about 22 conditions in the categories of cardiovascular, cancer and other miscellaneous illnesses.
The best part is that you will pay a much lower monthly premium than if you had bought the traditional accident/sickness disability combination. If you’re interested in receiving a quote for this type of coverage, feel free to call one of our agents at 866.270.6209.