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.
