Everyone needs some kind of coverage, which will replace most of their Income in case they cannot work due to disability. When people without Disability Insurance become disabled, Income stops or is reduced, and savings are drained. Some exceptions are those with high levels of investment income, students, or individuals whose spouse continues to provide[…]
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
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
1.The type of disability contract: A “non-cancelable” disability contract guarantees that a company cannot cancel a policy or change the rates, as long as you continue to pay the premiums on time. A “guaranteed renewable” disability policy guarantees that the terms of your policy can’t be changed, however premiums may be changed after a certain[…]
Disability benefits help protect and replace income if you become disabled. It provides benefits that replace a major portion of your salary if you’re out of work due to a qualified illness or injury. You can use the benefits to help pay for housing or any of your usual expenses — things you might have[…]
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
You need enough coverage to provide you with sufficient income to live on until you are able to return to work or receive other financial resources (retirement, social security, etc.). The benefits you purchase through a Disability policy is quoted as monthly income that you receive if disabled. Consider your monthly income after taxes, now[…]