This rider can provide a monthly benefit in addition to any other disability benefit payments under the policy if you are catastrophically disabled: Unable to perform two or more of the activities of daily living without human standby assistance; or Cognitively impaired; or Irrecoverably disabled
This allows a physician to increase their disability policy up to the stated maximum without having their health re-examined by the Insurance Company on the anniversary date. This is a very important rider for newer physicians wanting to protect a projected higher income since their health status could change making them ineligible for increased coverage in the[…]
An enhancement to a disability plan that would increase the monthly benefit by the CPI not to exceed a ceiling of typically 3% or 6% compounded or simple interest per year during a claim. This would only be triggered during a claim so it becomes important to keep disability benefits up to date through annual[…]
The residual benefit pays you a partial benefit in the event you suffer a partial disability. The percentage of your benefit paid is typically proportionate to your loss of income. This feature triggers a benefit at 15 to 20% loss of Income due to illness or injury.
Yes, but it depends on the type and severity of the medical problems. The insurance company can utilize 3 options: Charge a higher premium for the policy Exclude the condition from the policy Decline insurance altogether
A brief medical exam is required for the purchase of disability coverage. The exam is paid for by the insurance company and performed by a Paramedical Professional service at your home or office. The exam may include a physical exam, blood work, urine analysis and in some cases, an EKG. The results are sent directly to[…]
The underwriting process generally takes three weeks to two months from the time we receive all completed paperwork. The average time is one month. Most of the time spent in underwriting is collecting information (medical records, tax returns, etc.) the underwriter needs to make an informed decision.
Underwriting is the process by which an Insurance Company examines, accepts, or rejects insurance risks so as to charge the proper premium for the coverage. The insurance company will review: Current Insurance Physical Past medical history (physicians seen, medication taken) Financial records (pay stub/tax returns – to justify the disability amount applied for) Telephone Interview
Group Insurance Policy can be canceled or changed at any time. Policy is generally not portable if you decide to leave employer. Restricted definitions of disability – own occupation definition generally not included. Taxable benefits. Individual Insurance Policy cannot be canceled or changed as long as premiums are paid. Policy is portable no matter where[…]
There are no additional costs in purchasing disability insurance through DrDisabilityQuotes.com. The cost of the policy is exactly the same as if you went through the insurance company directly. We can help you understand which company may suit you best as well as help you determine the value of optional benefit riders available on the policies.