With all disability policies there are various benefits that are standard with particular insurers and other features that can be added to the policy to fit the client's particular needs. Some of these additional features will add further costs to the overall premium of the policy, they are known as "riders".
The insurance company cannot cancel the policy except in such cases when the premium is not paid. This policy can be renewed every year and the insurance company cannot make certain amendments such as increase in premium amounts or reducing the benefits.
Guaranteed Renewable Disability
These contracts guarantee that the individual can keep the policy in force by paying the stated premium in the policy. The premium may only be increased on a class basis not on an individual basis.
A policy will be in effect up until the age specified in the policy as long as premiums are paid in full; however, a provision may be added that allows a non-cancellable or guaranteed renewable policy to continue beyond age 65 at the discretion of the insurance company and at a new premium amount determined by the insurer.
Most policies today contain a presumption of disability provision. Under this provision, the policy will provide that full disability benefits be paid if the insured loses his or her sight, hearing, speech, both hands, both feet, or one hand and one foot.
Provisions - Part II
Managing WealthThose with high incomes really can’t afford to be without disability insurance. Here's why.
Managing WealthMany people consider buying life insurance, but few think to prepare themselves from long-term illness or disability. Find out how to shop for disability insurance and protect yourself from financial ...
Financial AdvisorDisability is a very critical type of insurance that most individuals should consider carrying. When it comes to your personal finances, long-term disability can have a devastating effect if ...
InsuranceFor a high-earning professional, income protection is essential. Here's what to look for in a disability insurance policy.
Financial AdvisorDoes it make sense to pay an additional cost for a waiver of premium rider on a life insurance policy?
InsuranceWhat you need to know about group and individual disability income coverage.
InsuranceWhat does it mean to insure your income? Here are a variety of ways to do it and some insights into when it might make sense to invest in income insurance.
Personal FinanceDo you know how you’d pay the bills if you lost your job, had a health crisis or needed a major car repair? That's why an emergency fund is essential.
RetirementWhen it comes to qualifying for Social Security Disability Insurance, you either do or you don’t. Here's how to find out if you do and how to apply.