Of course, one of the most important considerations in choosing a proper disability insurance policy is the cost. Since disability insurance is designed to replace lost income because of an illness or injury, it is important to make sure that a disability insurance plan is cost effective.

The cost of a disability insurance policy varies according to your specific plan. It is estimated that the average disability policy will cost workers an average of one to three percent of their average annual income. The price of the coverage, as with any insurance policy, will vary according to differing factors, from your age to your health. Gender and what you do for a living will also affect the cost of your insurance. The cost also varies according to the elimination period that you choose. You can decide on an elimination period that is as short as 30 days or as long as up to 720 days. The elimination period is the time that must run up before the company starts paying you the benefits of your policy. The cost of your disability insurance is likely to be lower if your elimination period is longer. For example, a worker who has set their elimination period to be 30 days will probably have a more expensive premium than one who has designated a 720 day elimination period.

Also, the cost of your premium will vary according to the length of your benefit period. Workers can select from periods ranging from two to five years, or the period can be as long as until age 65 or even for the rest of your life. Many people choose to have their benefit period last until age 65, when Social Security benefits begin. However, the longer your benefit period, the more likely it will be that your premium will be more expensive. It also goes without saying that your job will be put into a classification and sorted according to how likely it will be that you may need to file a claim. Occupations that are more likely to result in a claim will carry a higher premium. Do plenty of research and shop around in order find the best combination disability insurance package for you.