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shorter the term, the lower the cost.
• • Many plans exclude preexisting conditions, mental health or substance abuse issues.
• • For an additional fee, policies with a "future purchase option" allow you to increase coverage as your wages rise, without having to take another physical or rewrite the policy.
• • Check whether the benefit payout amount is fixed or if cost-of-living adjustments are made periodically. The latter type is more expensive but offers better protection against inflation if you're disabled for many years.
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• Bottom line: If you became seriously disabled it could easily wipe out your savings and put your family in financial jeopardy. Before you actually need it, investigate what disability coverage you already have and what other options are available.
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• Jason Alderman directs Visa's financial education programs. To Follow Jason Alderman on Twitter: www.twitter.com/PracticalMoney.