Whats new in a Disability Income Policy

1.  Critical Illness - Return of Premiums
If a policy owner with a Critical Illness contract in force (Assurity or Mutual of Omaha) - the company will refund 100% of the premium paid by the client - less any benefits paid. 

2. COLA - it isn't the same for every carrier.
Some carriers are simple, some are compound. Some are a flat rate, some are geared to the CPI. For young clients - it is good to know what you are receiving.

3. Prudential LTC - they actually have 3 different kinds of products under one policy chassis.
.Reimbursement, partial cash and full cash. Let us get you runs on all 3 for and we will let you know the why's and wherefore's of the premiums differences.

4. Guaranteed Renewable vs Non-Cancelable. Do you know the difference?
Guaranteed Renewable says that as long as you pay the 'billed' premium - there is coverage. The company does have the ability to increase premiums. However, they have to prove to their state commissioner that they had an unprecedented amount of claims that the didn't expect. Plus they have to do so on a whole class of clients. Non-Cancelable - says that the company cannot increase premiums.

Income plans that pay benefits!

A lot of times we see how income insurance enables clients to survive devastating times. This week, I was looking at a claim on the Retirement Security plan. This client has been disabled for the past 7 years. (stroke at age 58). So - those last 7 years he didn't have any money going into his 401(k). At age 65, (he had his policy for 10 years before his claim) his benefits stopped.

However - he also had a Retirement Security policy and he and his family were so glad - He has an account to use to live on - plus what he had put in before his disability. Again - this coverage has given us a good ending!!!!