Disability Insurance for Lower Income Earners : An Affordable Solution
In order to offer insurance programs on an individual basis, disability carriers incur
significant costs during the underwriting process by obtaining medical exams and
medical records. To recoup underwriting expenses, the premiums charged by many
carriers are disproportionately expensive for most hard working, low-income clients.
The Simplified Issue Disability Insurance Plan was designed to offer a low-cost disability
insurance option. Offering benefits in a simplified issue format allows underwriters
to discount premiums and reduce the fees associated with underwriting expenses. By
doing so, premiums are reduced to manageable monthly payments for the applicant.
Previously, many carriers would not offer coverage to anyone with an annual income
below $40,000. The Simplified Issue Disability Insurance Plan
now offers a solution to low-income households which were previously unable to obtain
affordable and sufficient disability coverage.
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