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| There are lots of options depending on your needs and your budget for premiums. Yo need to find an agent that you trust that can service many different companies (assuming that you are looking at an individual plan). Different companies have different options. I have a DI policy that is specific to my non-farm job, so here is what I learned....
I'm not sure how it works with farm income, but you most likely have to prove to the insurance company that you have some loss of income due to your disability.
1. You need to look at the payment timelines -- when do they start paying you (most have some kind of waiting period before you claim) and how long they keep paying you.
2, Is there a partial disability benefit or do you have to be totally disabled to collect? How do they determine if you are disabled?
3. What are the premiums? Do they increase as you get older or do you have level premiums based on when you take out the policy?
4. Is there a cost of living increase on the benefit? Is there a future purchase option to increase coverage without having to get a medical exam?
5. Do they exclude claims from certain activities? (ie. my policy excludes scuba diving, rock climbing, hang gliding, and a few other random things)
6. Some plans won't cover mental health disability (depression, etc)....check if those things are a concern to you.
7. Some plans will reduce the benefits that they pay you by any other sources ...What if you do you farm job, but they determine that you can work at WalMart or the Direct TV call center...are they going to pay? What about passive income...like rental income?
Also, check with your account RE paying the premium. If you pay the premium pre-tax, you may be subject to income tax on any benefits collected.
Edited by chris dds 4/25/2016 21:35
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Talk me into getting disability insurance
