Below are the six policy features we consider most important for consumers to review when purchasing disability insurance. There is certainly more to a comprehensive policy, but we like keeping things simple. We've already done the research and helped hundreds of individuals compare and secure comprehensive coverage. Now let us help you
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The elimination period is the number of days that must elapse, after a disability begins, before disability benefits become payable. Most companies offer 60-day, 90-day, 180-day and 365-day elimination periods but the 90-day elimination period is the most commonly selected and often cost effective option.
The benefit period is the maximum period of time for which an insurance company will pay benefits for a continuous disability from the same cause. Once the benefit period is exhausted, benefits will terminate. Most insurance companies offer 2-year, 5-year, 10-year, to age 65, and to age 67 benefit periods with the age 65 benefit period being the most commonly selected.
Non-Cancellable & Guaranteed Renewable:
If your policy is non-cancellable and guaranteed renewable, the insurance company cannot cancel your policy, change your premiums or modify the provisions of the contract until you reach age 65, so long as you continue paying your premiums timely.
Definition of Disability:
Simply put, the definition of disability describes the circumstances under which a person is considered disabled and eligible to claim benefits. Being one of the most important features in a disability insurance policy, we encourage consumers to review the individual web pages we've created regarding total disability, residual disability, and Own Occupation disability.
Optional Policy Riders:
Policy riders can be added to a disability insurance policy to enhance the benefits that basic coverage provides. We encourage consumers to review the full page we've devoted to disability insurance policy riders.
Exclusions & Limitations:
The exclusions and limitations section of a policy will address specific circumstances in which benefits will be paid on a limited basis or not paid at all. Every disability insurance policy will include a list of general exclusions, but not all policies include benefit limitations. The most common limitation seen today is a 24-month benefit period limitation on claims relating to mental/psychiatric conditions and drug/alcohol dependency. Some limitations may be state and occupation-specific.