Disability income insurance doesn’t come cheap.

Here’s how to make sure you pay as little as possible:

• Don’t delay. Buy disability insurance early in your career and when you are healthy.

Prices increase with your age and your income, too.

• Consider cutting back the amount of your income that is covered. “Or increase the waiting period before the payouts begin,” says Gerry Katz, an independent insurance consultant.
• Choose a payout period that does not go all the way until age 65 or retirement age. A five-year payout, for example, will dramatically reduce the price.
• Pay attention to the terms. There are price differences for policies that provide for payouts only if you can’t go back to your previous occupation after a disability. Other provisions cover any occupation or any job that allows you to earn at least half of your former income.
• Before you buy on your own, find out if you can get covered through work. That will save you plenty. If you’re in a small firm, you may be able to get a group policy even if you only have three people to be covered. Ask your insurance agent to do this for you.