Many people, when asked, assume that their home or car is their most valuable asset. But, what about your income? Your income allows you to cover expenses, maintain your standard of living, and save for the future. Without it, your life and future could change as you know it. Disability Income Insurance can help by providing you with a monthly benefit in the event you become totally disabled, which can mean peace of mind.
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Disability Income Insurance is fairly straightforward. If you become totally disabled, your policy kicks in after the elimination period and pays you a monthly benefit for a set period of time. When you purchase a Disability Income Insurance policy, you have several options to customize the policy to meet your needs. Depending on eligibility, you can choose a term from 6 months all the way up to 10 years, and you can choose to receive up to 70% of your pre-disability income. Plus, with optional riders, you can customize your policy to meet your unique needs.
The benefit amount is the amount of money you receive from the insurance company each month. You can choose a benefit amount up to 70% of your pre-disability income to help replace a portion of your income to cover basic monthly expenses. Benefit amount cary depending on your income level, benefit period and selections, and existing coverages.
The benefit period is the length of time you receive payment from the insurance company. This length of time is dependent on your policy. You have the option to choose from a variety of benefit periods, such as 6 months, one year, two years, five years, ten years, or to age 67.
The elimination period is the period of time you must be totally or partially disabled before your monthly benefits begin to accrue or become payable. Elimination periods are offered at various lengths, but typically range from 30 to 90 days. When choosing an elimination period, think about how long you could cover expenses without a paycheck.
With your Disability Income Insurance policy, you can choose to tailor your policy even further with optional riders at an additional cost. Below are two of the most popular options.
The return of premium rider provides you with disability income coverage if you need it and money back if you don't. If you cancel your policy after the fourth year, but before 65, you are eligible to receive a percentage of the premiums you paid, less any benefits paid. If you cancel your policy between 65 and 67, you are eligible to receive 100% of your premiums paid, less any benefits received. If you cancel your policy before the fourth year, no premium is returned.
This rider provides you with additional flexibility to ensure that your policy grows and changes as your income changes. With this rider, you have the option to purchase additional coverage without evidence of good health. You can purchase additional coverage up to 5 times, every 2 years after the policy effective date, prior to age 55.
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