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How to Obtain Personal Disability Insurance When Leaving Your Current Position Many people turn to our agency to help them figure out how to obtain disability insurance when they decide that they are going to leave their current job. The two scenarios below are the most common scenarios, and necessitate two different strategies to make sure that your income is protected when you do finally leave your current employer. Leaving One Position For Another In The Same Occupation If you are simply leaving one position with company A to go to company B, but staying in the same occupation, this is an easy process. We assume you are here because company B does not provide disability insurance, and you want to have it. All we will need from you is a disability insurance quote request. Please be sure to tell us on this request that you are leaving your current position at Company A making X amount of money, and also what your new income will be at the new job as well as any disability insurance benefits that may be available. This is not a problem for Berkshire; we can write this coverage for you. Our agents will make sure to date the policy effective the day you start at Company B so that you are never double covered, and pay only the premiums you need to.Call 888-513-2300
Leaving Your Current Position To Start Your Own Company
It is possible to buy your own disability insurance policy starting out in a new business, but you are going to want an experienced DI agent to help you through the process. The most probable outcome is that you will end up with a policy that initially is a little smaller than you would like in an ideal world, but it will have an optional future increase option rider* on it that guarantees you the ability to apply for additional coverage with no medical underwriting but subject to financial underwriting which means you'll have to verify your new income level via tax returns from your new business. The most important thing is to lock in your insurability right away, and make sure that as your new business grows, your disability insurance coverage can grow with it even if you have some adverse health concerns in the future. *Restrictions and limitations apply. While medical information is not required when exercising a future increase option, applications to exercise an increase option will be financially underwritten taking into consideration both the applicant's then current income, as well as all disability insurance which is then in-force, or for which the insured has applied or is eligible to receive. Call 888-513-2300
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This scenario is a little bit more complicated, and is going to require some time together on the phone so that we can first understand all of your situation before we can advise you the best route to secure a policy. We will need to understand whether or not you will be working in the same industry, your level of experience and expertise, previous income level, whether or not you have any contracts in place for the new business, and a few other underwriting related questions so that we can offer you a realistic proposal. |
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| Financial Balance Group LLC is a general agency of The Guardian Life Insurance Company of America, NY, NY. Guardian Disability Insurance Brokerage is the
brokerage arm of Financial Balance Group LLC. Disability insurance agent information provided on this web site is for broker use only. For important information about the disability insurance products and insurers discussed on this page, as well as information concerning Guardian Disability Insurance Brokerage or the General Agency representing Guardian, please click here. Copyright Steven L. Crawford (General Agent). |
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