Content Overview 
- Summary
- Pre-Existing Condition Provisions
- Premiums
- Types Of Disability Insurance Policies
- 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
- Insurance Company Financial Situation
- Taxation of Benefits
Summary
Next »1/18
When purchasing or qualifying for a Disability Insurance policy, keep in mind that there is no such thing as a standard Disability Insurance policy.
Following are the basic features to note:
- Cost
- Probation Period
- Pre-Existing Condition Provisions
- Total Disability Definition
- Elimination Period
- Benefit
- Offsets
- Survivor Benefits
- Partial Disability or Residual Benefit
- Recurring Disabilities Provision
- Mental and Nervous Limitation
- Other Exclusions and Limitations
- Waiver of Premium
- Conversion Privilege
Whether or not your benefits are taxed depends on how the premiums were paid. Either the premium or the benefits will be taxed, but not both.
- 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 Disability").
- 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.
Please share how this information is useful to you.
0 Comments
