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Shopping for disability insurance can seem overwhelming. There are many factors to evaluate and compare, from the policies and prices to the companies themselves.
Here are some tips when comparing companies:
Tip: Look for companies with strong 3rd party company ratings. This will help you determine the strength of the company, claims paying history and financial solvency. The most common rating services are:
- Standard & Poor’s
- A.M. Best
- Duff & Phelps
Tip: Look for companies that specialize in disability policies in your occupation. Some companies specialize in white-collar occupations while others specialize in blue collar. Some companies also try to veer away from certain high-risk occupations such as physicians. Sometimes, their definitions for these occupations are more limited.
Tip: Be sure the company has been in the disability insurance industry for a long time and is committed to disability insurance for the long term.
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