A short waiting period is meaningless if your disability claim is rejected or expires mid-way through an illness. Make sure you understand the renewability clause in the disability contract. With financially secure insurance companies premium increases rarely happen. The noncancellable guaranteed renewable feature is costly. Coverage of pre-existing conditions.
Most policies have a two-year period of contestability.
This means, if you have received treatment for an illness before you buy disability insurance, most insurance companies will not pay any benefits to you if you become disabled from that illness during the first two years of your policy. After this period of contestability, the company should pay benefits. To protect the buying power of your disability benefits from inflation, you can purchase inflation riders with some policies. Below we offer examples of policies from two insurance companies. No cap on increase.