Understanding
disability insurance policy provisions will help in making a
better decision on which disability insurance company is
best for you.
Renewability Provisions
A renewability provision in a disability insurance policy is a
key feature because it defines your rights as it pertains to
keeping your disability insurance policy in force.
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Definition of Total Disability
The
best policy definition of total disability will state that you
are unable to work at your regular occupation because of
sickness or injury.
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Residual Disability Benefits
The defining language for covered
benefits if you are able to work although your earnings
are reduced as a result of disability.
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Other
Policy Benefits
The best policies contain additional provisions designed to
protect your interests.
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Optional Benefits
To enhance your coverage and your ability to design specific
benefits to your specific situation many optional benefits are
usually offered .
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Examples Include:
Graded
Lifetime Extension Benefit Period
Cost of Living Adjustment Rider
COLA Increases Remain Upon Recovery
Future Increase Option Rider
Automatic Increase Rider
Social
Insurance Substitute Rider (Offset)
Unemployment Premium Waiver Option Rider
Related Topics
●
Types of Disability insurance
coverage
●
Renewability
Provisions
●
Benefits
●
Definition of
Total Disability
●
Optional
Benefits
●
Residual
Disability Benefits
●
Other Policy
Benefits
●
Terms
●
Occupation
Definitions
●
Occupation
Class Look Up
Not all insurance products from all insurance companies are available in
all states.
Note: We do not
provide legal or tax advice. The general information presented
on various tax aspects contained in this site are not intended
to be relied upon as tax advice. Individuals should seek the
advice of a qualified tax professional regarding the taxation of
these benefits as they apply to your particular situation.
These benefits are
offered in all states except: AK, HI,
& WY. License #'s: CA: OC38446 MT: 29724 F00-0283-LC
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