Whether in your 40’s or 50’s and considering purchasing Arizona disability income insurance it is highly recommended that you do just that, find a reputable broker and get a few quotes. But to answer the question as to what the best age is to buy such coverage the answer is simple… the earlier the better.
You need more than money to buy disability insurance, you also need good health. Chances are we are all blessed with better health in our 20’s and 30’s than in our 40’s and 50’s. Another big reason to buy disability income insurance in our 20’s and 30’s is because it is cheaper!
When a young individual purchases a disability policy with a non-cancellable rider they will pay the exact same premium when they are 40 and 50 years old.
Purchasing disability income insurance when young locks in coverage for future medical conditions such as depression or back issues. Waiting to purchase until such medical conditions are already present runs the risk of the medical conditions being excluded from coverage, otherwise known as a modified offer. Disability insurance is not like ACA health insurance where pre-existing conditions are covered.
When choosing a disability policy, it is important to include a non-cancellable rider and a rider that protects your medical insurability. There are riders that allow you to increase the policy benefit amount down the road without having to answer medical questions. (Most insurers will not allow a benefit increase if the policyholder is on claim.)
Another important benefit to look for is an automatic increase option that increases benefits by four or five percent each year for set number of years.