There are two ways to keep the cost of disability insurance down:

1. Electing a longer waiting period before benefits begin

If you have enough resources to cover expenses during the first three months of disability, your premiums will be lower than with coverage that starts after 30 days.

2. Electing a shorter benefit period

In this case, benefits are payable to age 65, the age at which you would normally retire, instead of for a lifetime. However, choosing a benefit period of two-to-five years, ending before normal retirement age, could be penny-wise and pound-foolish. You might save money on premiums, but you could be without coverage when you need it most. Disability of long duration poses the greatest financial hardship.