5 best ways to cut insurance costs

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Disability: Join group plans
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Disability: Join group plans

Disability insurance can be expensive, so it pays to cut corners when you can, though the options are limited.

"It's harder to save money on disability than other kinds of insurance," says insurance expert and blogger Byron Udell, the founder of AccuQuote in suburban Chicago. "Group plans are much less expensive."

Basically, disability policies are priced by two components: waiting periods before benefits begin and actual benefit periods. Rejiggering either option can lower your policy costs, but Udell doesn't recommend it. For example, lengthening the policy waiting time from, say, 90 to 180 days only saves 5 percent on a premium, he says.


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