Ron Cohen, RHU

"Protect your Family and your greatest asset...your ability to earn income."

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February 5, 2012

Disability Coverage

There are no two professionals with identical needs.  Although each has the need for disability insurance, their incomes, specialties, and ages will vary.  This
is the most critical point in understanding disability insurance.  All insurers do not treat the same occupations equally. Your program must be tailored to “YOU”.

The first assumption is that you are now insurable.  The second is that you are working.  If you have disability insurance now compare it before you replace it.

Unlike GROUP disability insurance, our concentration is on INDIVIDUAL Non-Cancelable policies. The premiums are GUARANTEED and cannot change before AGE 65 or 67.

The maximum benefits now available to Professionals is$15,000 to $20,000 per month.  The typical professional will purchase a 90 Day Elimination Period with Benefits payable TO AGE 65 or 67.  Some policies even extend a portion of benefits for life for total disability that begin before age 65.

The riders available throughout the industry include: Residual Benefits, Cost of Living (inflation), Hospital Indemnity, Future Purchase Option, Non-Disabling Injury, Initial Additional Benefit, Social Insurance Offset, Automatic Increase, Group LTD Replacement and Return of Premium.

The basic coverage usually provides for Waiver of Premium during disability, Rehabilitation, Recurrent Disability, Presumptive Disability.

Exclusions are typically: War, limit for Mental & Nervous Disorders 24 Months, and 12 Month Limit on Drugs and Alcohol Abuse. Some carriers cover these conditions for the full benefit period.

Your typical quality definition of disability will read; “Inability of the insured to perform the material and substantial duties of your regular occupation”.  This generally means, at the time disability begins, not when you buy the policy.

What we try to do, is give you several examples for comparison sake. Companies classification of medical specialties are not all the same. This difference not only changes the rate, in many cases, the contract definitions will also be less liberal. 

Note: Your options come with knowledge.  The more you know, the more we can help you and your family.

 
Links Disclaimer: Links to other sites are for your convenience in locating related information and services. This Agency, The Guardian Life Insurance Company of America (Guardian) and Park Avenue Securities, LLC (PAS) do not maintain these other sites and have no control over the organizations that maintain the sites or the information, products or services these organizations provide. Although this Agency, Guardian and PAS believe that the information from these organizations is reliable, we cannot guarantee its completeness or suitability for any purpose. Accordingly, this Agency, Guardian and PAS expressly disclaim any responsibility for the content, the accuracy of the information or the quality of products or services provided by the organizations that maintain these sites. This Agency, Guardian and PAS do not recommend or endorse these organizations or their products or services in any way.

Articles Disclosure: Material discussed is meant for general illustration and/or informational purposes only and it is not to be construed as tax, legal or investment advice. Although the information has been gathered from sources believed reliable, please note that individual situations can vary, therefore the information should be relied upon when coordinated with individual professional advice.
Ron Cohen RHU, Copyright 2012 All Rights Reserved
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