Disability premiums are based on your age, sex, occupation and the amount of potential lost income you are trying to protect. In general, the lower the chance that your occupation puts you in harm’s way, the lower the premium. The higher the chance of injury, the bigger the premium. So, for instance, an accountant working in an office would have much lower disability premiums than a construction worker.

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 substantially 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.