Content Overview
- Summary
- Pre-Existing Condition Provisions
- Premiums
- Elimination Period (Also Known As "Waiting Period")
- Definition of Total Disability
- Partial Disability
- Recurring Disabilities Provision
- Benefit Amount
- Maximum Benefit Period
- Survivor Benefit
- Mental And Nervous Limitation
- Exclusions And Limitations
- Rehabilitative Training Or Employment
- Waiver Of Premium
- Riders: Guaranteed Insurability, Social Security Offset, Cost Of Living
- Renewal Terms
- Insurance Company Financial Situation
- Taxation of Benefits
Disability Insurance: Long Term: Individual
Maximum Benefit Period
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Disability income policies limit the amount of time income will be paid. Individual plans can be purchased with benefit periods ranging from one year to policies which provide an income until age 65.
Most plans limit the Benefit Period if the disability is due to a mental or nervous disorder, typically to a maximum of 24 months. NOTE: If your illness is not a mental disorder, but there are some mental symptoms such as short term memory loss, disorientation, even dementia due to either the disease or medication, make sure the doctor is clear in his or her statements about your symptoms so the insurance company won’t try to impose a two year limit on benefits.
Many plans, even plans that pay benefits to age 65, will reduce the benefit period if you become disabled after turning age 60. Many will pay benefits for only two years in such cases.
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