Disability Insurance Virginia Beach
Virginia Beach disability insurance is available through Hampton Roads Insurance Services. The helpful agents with Hampton Services will walk you through the process, and help you determine the best coverage to protect you and your family. Your agent will explain the different types of contracts, and answer different questions.
Type of Disability Contracts
You probably want to get a non-cancelable contract for your Virginia Beach disability insurance. This type of contract cannot be canceled, and the rates cannot be changed as long as you pay the premiums on time. If you get a guaranteed renewable policy, the terms of your agreement cannot be changed. However, after about 2 or 3 years, the premiums may change. However, they can only be changed if all the other policies in your insurance pool get changed, too.
There is a third kind of disability insurance in Virginia Beach is optionally renewable. It can be cancelled by the company when it’s time to renew the policy. It may also require a physical exam every now and then.
Waiting Periods with Disability Insurance
Virginia Beach disability insurance is designed to start paying benefits after a pre-determined period of time after your injury or illness. This is called the waiting period. In general, if you can choose a longer waiting period, your premiums will be lower. You can choose between 60, 90, 180, 365, and 730 days before your disability insurance starts paying. Your agent at Hampton Road Insurance Services will help you decide which plan is best for your situation. That’s one of the great things about local representation – your agent gets to know you and your needs, and can make recommendations in your best interest.
Part of the considerations for your waiting period will be your assets. The more of an emergency fund you have, the more likely you’ll be able to select one of the longer waiting periods. This significantly lowers your disability payments. If, however, you don’t have much of an emergency fund, you may need to select a policy with a shorter waiting period. This will begin paying benefits much sooner, helping you with your bills.
Benefit Amounts on Disability Insurance
The benefits of your Virginia Beach disability insurance will be directly related to the amount you pay in premiums. Your Hampton Roads Insurance Services policy will reflect your financial needs and liquid assets. Your agent will help you determine just how much money will be necessary to keep you afloat if you become disabled. You’ll look at projected disability benefits over various periods of time, and how much you can afford to pay in premiums.
Pre Existing Conditions in Disability Insurance
Virginia Beach disability insurance will be based on your current health condition, among other things. If you have a health problem, or an old injury, you can still qualify for some disability policies. Each policy is studied by an underwriter, and he may be able to issue a policy with a rider that excludes the condition.
Contact an agent at Hampton Roads Insurance Services, which serves the entire Hampton Road area, including Virginia Beach, Norfolk, and Chesapeake.