Content Overview 
- Summary
- Types Of Disability Insurance Policies
- POLICY PROVISIONS OF DISABILITY INSURANCE POLICIES
- Definition of Total Disability
- Partial Disability
- Elimination Period (Also Known As "Waiting Period")
- Benefit Amount
- Maximum Benefit Period
- Exclusions And Limitations
- Partial Disability or Residual Benefit
- Rehabilitative Training Or Employment
- Recurring Disabilities Provision
- Waiver Of Premium
- Riders: Guaranteed Insurability, Social Security Offset, Cost Of Living
- Insurance Company Financial Situation
- Taxation of Benefits
- WHAT TO EXPECT WHEN APPLYING FOR DISABILITY INSURANCE
Summary
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A disability income insurance policy is an insurance policy that provides a monthly income in the event the insured becomes disabled and is unable to work. Almost all individual policies require medical underwriting (an examination of the applicant's health condition). The longer the period of time since the last episode with your health condition, the more likely you will be able to obtain such a policy. It is likely that the premium charged will be higher than would be charged for an individual of your age with no health history.
When considering an Individual Disability Insurance policy, consider:
- The type of individual disability insurance policy. The most common are known as "Guaranteed Renewable" and "Noncancellable."
- The definition of "total disability."
- Whether the policy covers "partial disability" (also known as "Residual Disaiblity").
- The length of time from the disabling moment until payments begin (known as the "Elimination" or "Waiting" period)
- The benefit amount, and maximum period during which it is paid.
- The exclusions and limitations.
- Whether the policy covers partial disabilities.
- What happens if you return to work and become disabled again.
- Other features common to Disability Insurance policies.
When trying to determine what to look for in a policy for yourself, see: Disability Insurance: Things To Think About When Purchasing. If you are able to get quotes about more than one policy, see: Disability Insurance: Evaluating Individual Policies.
Also:
- Understand the tax implications whether you pay the premiums for the Disability Policy from pre-tax or after tax dollars.
- Check the insurer's financial situation.
When you apply for an individual policy, you are likely to be requested to take a medical exam in addition to supplying a completed application and medical records.
To keep your policy in force (in existence), see: Disability Insurance: Maintaining Your Individual Policy.
If you need to file a claim under a Disability Insurance Policy, see: Disability Insurance: Claims, and Disability Insurance: Appeals.
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