1. An Individual Disability Policy is a piece of valuable property.
It is a contract. Even though it is underwritten for the current occupation and income - it will cover you the insured in any job you may do through your career; for the benefit amount of the contract.
It is a contract. Even though it is underwritten for the current occupation and income - it will cover you the insured in any job you may do through your career; for the benefit amount of the contract.
2. Retirement Savings Disability Income
What happens when your you go on disability? Usually cannot contribute to your retirement plan (IRA, 401(k), etc). This product will do that for you. So - if they are disabled through age 65/67 they will actually have a 'retirement' fund to use.
What happens when your you go on disability? Usually cannot contribute to your retirement plan (IRA, 401(k), etc). This product will do that for you. So - if they are disabled through age 65/67 they will actually have a 'retirement' fund to use.
3. LTC - Calendar or Service Day Elimination? This is a huge difference at claim time.
When your client's doctor says they need care - on a Calendar Day contract - that starts the elimination period and each day counts. The Service Day contract says that only the days on which the client gets service counts toward the elimination period. This is important because in the beginning - they may only get service 3 times a week or so.
When your client's doctor says they need care - on a Calendar Day contract - that starts the elimination period and each day counts. The Service Day contract says that only the days on which the client gets service counts toward the elimination period. This is important because in the beginning - they may only get service 3 times a week or so.
4. MET - Catastrophic Rider - this is different from other carriers!!!
Standard, Principal and Ameritas all use the '2 of 6 ADL's' in conjunction with their CAT rider. If a client's disability is such - they pay the CAT rider benefit in addition to the base benefit. MET - their definition of Catastrophic is the loss of both hands, feet, speech etc!
Standard, Principal and Ameritas all use the '2 of 6 ADL's' in conjunction with their CAT rider. If a client's disability is such - they pay the CAT rider benefit in addition to the base benefit. MET - their definition of Catastrophic is the loss of both hands, feet, speech etc!
1 comment:
Having disability insurance cover is certainly important these days. You may resent having to pay a monthly premium but at least you can be sure that your financial security won't be compromised if you do lose your ability to earn income as a result of an injury or illness.
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