Income Protection
Income Protection (Disability Insurance)
Typically, people buy property and casualty insurance to
protect their possessions (houses, cars, and furniture) and life
insurance to provide income for their survivors. However, many
people don't think about protecting their income with disability
insurance.
How well could you live if you weren't
able to work?
Disability is an unpredictable event, and if you become
disabled, your ability to make a living could be restricted.
Although you may have enough money in the bank to meet your
short-term needs, what would happen if you were unable to work for
months, or even years? The real value of disability insurance lies
in its ability to protect you over the long haul.
You have the option to choose the combination
of coverages that best meet your needs by selecting:
- The amount of coverage you need - monthly benefits
between $250 and $10,000.
- The length of time you must be disabled before benefits
begin - 60, 90, 180, 365, or 730 consecutive days.
- The length of time benefits are paid to you - one year,
five years, or to age 65.
Policy Benefits
Monthly Income Amount: After you have
been totally disabled because of injury or sickness for the
elimination period selected, disability insurance coverage begins
payment of the monthly income amount while you are totally
disabled, up to the maximum benefit period you chose.
Partial Disability: If you remain
partially disabled following a period of total disability, the
insurance company will pay 50% of the monthly income amount for up
to six months.
Waiver of Premium: After benefits have
been payable for three consecutive months, the subsequent premiums
falling due are waived (paid by the Company) while your disability
continues.
Rehabilitation Expense: If during a
period for which total disability benefits are paid, you
participate in a formal rehabilitation program, approved by the
Company, the insurance will pay for the costs actually incurred for
tuition, books, and equipment, up to six times the monthly income
amount or $10,000, whichever is less.
Additional Purchase Option: On the fifth
policy anniversary, you will have the option to purchase an
additional disability income policy without evidence of
insurability. Age, financial, and occupation class requirements
must be met for issue and participation limits in effect on that
date.
*At least one phone
number is required