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

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Leaving Your Current Position To Start Your Own Company

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.

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 buy more coverage as soon as you can 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.

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