We've had a lot of success with one particular disability income insurance product. Below are some details on how it stands out from the rest.
1) Discounts on discounts. Multiple insureds? Discount. Student or resident? Discount. Business owner? Discount. Applying for multiple products? Discount. The best part? You can combine these—that’s a savings of up to 50% in some cases! Below is a list of this product’s potential discounts:
Preferred Occupation 10%
Business Owner 10%
Mental Disorder/Substance Abuse Limitation 10%
2) The base policy rocks. The base policy alone—no bells or whistles—includes a modified own occupation definition of disability, which is meant to provide a monthly benefit if you can’t work in your specific job due to a disability and are not working somewhere else. And of course, it’s guaranteed renewable so if you keep paying premiums on time, the carrier must continue coverage until the policy’s termination date. Furthermore, increase features that keep up with inflation or your growing salary are included in the base policy! As if that wasn’t enough, the built-in residual rider for 3A occupations and above is the best in the business.
3) Partial disability benefits! The short-term residual disability benefit rider, the enhanced residual disability rider, and the recovery benefit provide benefits if you’re partially disabled rather than totally disabled.
Enhanced residual disability benefit rider, included in the base contract for occupation classes 3A+, pays out a percentage of your monthly benefit for up to a year if you have lost at least 20% of a) income OR b) time at work OR c) duties (during the waiting period) at work due to illness or injury. After the EP, there must be a loss of income for benefits to be paid. The main point here is that there are fewer boxes to check when it comes to qualifying for some sort of disability benefit.
The short-term residual disability rider, included in the base policy for 2A and below, is designed to pay 50% your monthly benefit for up to 6 months if a partial disability causes you to lose at least 20% of your income and you’re seeking medical care for the condition. Most disabilities are not total disabilities, so this is an important feature!
The recovery benefit can pay a portion of your monthly benefit if you’re making your way back to where you were at your job before you had to go out on disability and are still earning a little less than normal.
4) Optional riders galore. Got student loans? The student loan benefit rider can pay those if you become totally disabled and can’t pay them. Have a specialty occupation but willing to work elsewhere? The own occupation rider takes the “not working anywhere else” part out of the based contract modified own occupation feature so you can collect benefits while staying busy at another job. Worried about paying for the cost of care if services are needed? Consider the catastrophic disability benefit rider. Concerned with the rising costs of goods and services while your benefits remained fixed? The indexed cost of living benefit rider has 3% or 6% inflation options to add to future benefits.
Customization is key. The sheer amount of options available among a la carte riders, discounts, and benefit alternatives like a unique 10-year benefit period all work together to hit almost any price point. That means you can walk away from just about any sales presentation with a new client. Contact us to learn more.