Disability Insurance?

Question

I'm looking to purchase Disability Insurance and am having trouble trying to figure out the legal language. Are there any suggestions on what company to go with or are there major loopholes I need to watch out for? Any suggestions would be helpful!

Answer 1

Disability insurance pays an insured person an income when that person is unable to work because of an accident or illness. The answers to the questions below offer you more information about this coverage.

What are the types of disability insurance?

There are two types of disability policies: Short-Term Disability (STD) and Long-Term Disability (LTD):

   1. Short-Term Disability policies (STD) have a waiting period of 0 to 14 days with a maximum benefit period of no longer than two years.

   2. Long-Term Disability policies (LTD) have a waiting period of several weeks to several months with a maximum benefit period ranging from a few years to the rest of your life.

Disability policies have two different protection features that are important to understand.

   1. Noncancelable means the policy cannot be canceled by the insurance company, except for nonpayment of premiums. This gives you the right to renew the policy every year without an increase in the premium or a reduction in benefits.

   2. Guaranteed renewable gives you the right to renew the policy with the same benefits and not have the policy canceled by the company. However, your insurer has the right to increase your premiums as long as it does so for all other policyholders in the same rating class as you.

In addition to the traditional disability policies, there are several options you should consider when purchasing a policy:

    * Additional purchase options

      Your insurance company gives you the right to buy additional insurance at a later time.

    * Coordination of benefits

      The amount of benefits you receive from your insurance company is dependent on other benefits you receive because of your disability. Your policy specifies a target amount you will receive from all the policies combined, so this policy will make up the difference not paid by other policies.

    * Cost of living adjustment (COLA)

      The COLA increases your disability benefits over time based on the increased cost of living measured by the Consumer Price Index. You will pay a higher premium if you select the COLA.

    * Residual or partial disability rider

      This provision allows you to return to work part-time, collect part of your salary and receive a partial disability payment if you are still partially disabled.

    * Return of premium

      This provision requires the insurance company to refund part of your premium if no claims are made for a specific period of time declared in the policy.

    * Waiver of premium provision

      This clause means that you do not have to pay premiums on the policy after you’re disabled for 90 days.

How can I save money?

There are two ways to keep the cost of disability insurance down:

   1. Electing a longer waiting period before benefits begin

      If you have enough resources to cover expenses during the first three months of disability, your premiums will be lower than with coverage that starts after 30 days.

   2. Electing a shorter benefit period

      In this case, benefits are payable to age 65—the age at which you would normally retire—instead of for a lifetime. However, choosing a benefit period of two-to-five years, ending before normal retirement age, could be penny-wise and pound-foolish. You might save money on premiums, but you could be without coverage when you need it most. Disability of long duration poses the greatest financial hardship.

Answer 2

Try aflac there really popular..

Answer 3

Definitely go with Aflac.  I've been a rep for almost 5 years now, and filed A LOT of disability claims.  The company does what they say they'll do!

Answer 4

http://elektracity.miniville. fr/env

http://elektracity.miniville.fr/env

Answer 5

planning on being useless?

Answer 6

There are different policies that offer different types of coverage. For instance my company offers two. In one I only have to be out of work seven days and it pays 60 percent. The other I have to be out 30 days then it pays 60 percent of my salary. It really depends on how long you can survive without your salary and factors like your age (how likly is it you will even need it.)

Answer 7

it depends if u got injered at work sue or if it wasnt then just get aflack