CiberQuotes

Budgeting for life insurance?

Often overlooked in today’s world but budgeting income and expenses to keep track of your financial goals, may help you uncover valuable savings along with the need for life insurance.

Financial goals are important because they allow you to be in control of your finances. A financial planner can help you find and gather the information needed to create financial statements. 

A financial goal can be as simple as having enough cash for a life insurance premium or more complex such as retiring comfortably. Defining your financial goals provide a structure in order to make calculated financial decisions. Read More

Did you ever think you needed disability insurance?

Disability insurance benefits pay your bills when you can’t work. But did you know disability benefits can also maintain and even contribute to your retirement plans. Few workers have adequate savings to support themselves if they can’t work due to a disability. In most cases, savings only last a few short months. For example, a 45 year old worker with an annual income of $100,000 a year would have less than 5 months of pre-disability income as savings to help them meet increased medical and living expenses. U.S. Census Bureau Survey of Income and Participation Read More

What does a disability insurance policy mean by “Presumptive Disability”

Presumptive disability means the insured is considered total disability due to an injury or sickness that causes the total loss of power of speech, hearing in both ears, sight of both eyes or the use of two limbs. Usually, full benefits are paid immediately without a need to satisfy the elimination period, even if you are working. Presumptive Disability benefits are paid for as long as the loss continues, until the maximum benefit period selected, for example to age 65. Read More

Increase your disability insurance policy with Future Benefit Increase Option

Future benefit increase option allows the insured to automatically increase policy benefits on each policy anniversary. There is no need to show proof of good health in order to increase your total monthly benefit. The company will not ask for any medical underwriting to receive an increase in monthly benefits. Even if your health has changed for the worse, you will not have to submit medical exam. Read More

Life insurance and long term care benefits

If your life insurance policy has benefits for long term care, please read and understand the activities of daily living for long term Care insurance coverage.

 

Activities of daily living are those things we do as part of everyday living such as Bathing, Eating, Dressing, Toileting continence and transferring. Federally tax qualified or partnership long term care insurance polices are required to use these 6 activities of daily living to trigger benefits by requiring the insured to be unable to perform no less than 2 of the activities of daily living to determine benefit eligibility. Non-tax qualified long term care policies can have these 6 activities of daily living or it can have more or less options listed. It is usually more difficult to qualify for benefits with a policy that uses only 5 activities of daily living compared to 6. Read More

Your disability insurance policy has mandatory and optional provisions

The Uniform Individual Accident and Sickness Policy Provision Law mandates that certain provisions be included in individual disability insurance policies. The provisions apply to health insurance policies as well. The uniform law does not require insurance companies to use exact the words of the provision laws in their policy contract. A specific order of sequence is also not required. Insurance companies need only follow the Uniform Individual Accident and Sickness Policy Provision Law in substance only. Insurance companies can provide more favorable terms than those mandated in the uniform law. Read More

Important types of disability insurance policies

You really need to know this about your disability insurance policy.

Disability insurance policies can be Guaranteed Re­newable, Non-cancellable or Conditionally Renewable. Some policies combine all three of these types into one policy.

 

GUARANTEED RENEWABLE DISABILITY POLICIES

 

A Guaranteed Renewable disability insurance policy assures the policy will be renewed to a stated age or for a predetermined amount of years. Typically, you are guaranteed coverage to age 65 or for a period of 5 years. The company cannot cancel or make any changes to your disability policy benefits, except for non payment of premiums, in which case they can terminate coverage. Guaranteed renewable refers to a type of policy that can’t be canceled or terminated however under certain conditions the company can increase the amount of policy premiums. An increase in policy premiums will affect an entire class of policy holders such as all policies issued on a standard basis or all policies sold under a specific policy name. The company cannot single you out and increase your premiums, even if your health has changed for the worse.      Read More

How long does coverage last for a disability insurance policy?

This is called the disability insurance policy benefit period.

And, now that we have covered the important differences of a disability insurance policy’s definition of disability in our previous post, we can now look at the policy’s benefit period.

 

The policy benefit period is the length of time that you will receive payments if you are disabled under the terms of the policy. The maximum benefit period starts after satisfying the elimination period and ends after the amount of benefit years selected on the policy. For example, a disability insurance policy with a 5 year benefit period will pay disability benefits for up to 5 years. Another example would be a policy that provides benefits until the insured reaches age 65 or the policy can have a shorter benefit period of only 2 years. Read More

Recovery benefits part of disability insurance

A disability insurance policy recovery benefit pays a monthly amount to an insured that is no longer disabled and has returned to work full time. To receive this benefit, the insured must have a loss of income of at least 20 percent of your pre-disability earnings.
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Disability Insurance for Mental Disorders and Substance Abuse

Disability insurance may provide benefits due to a Mental, Nervous or Substance Abuse Disorder. Disability insurance policies define any disease or disorder as a disability that is classified in the Diagnostic and Statistical Manual of Mental/Nervous Disorders (DSM) published by the American Psychiatric Association. A disability policy will consider these disorders as sickness for disability insurance purposes.      Read More

What if I am hurt or sick but can still work? Residual Disability…

Portrait of people from different professions standing together on white

Portrait of people from different professions standing together on white

What if I am hurt or sick but can still work? Can I collect disability insurance payments?

 

Considering that more than half of all working aged people have a disability, residual disability benefits can be the single most important disability coverage option.1 Read More

Understanding Disability Insurance Benefits

What does your disability insurance policy call a disability

The main part of any disability insurance policy is how the policy determines eligibility for disability payments. The definition of a disabled worker can have a wide range of meanings from one policy to another. Therefore, it is important to understand how your policy defines disability in order to make disability benefit payments.   Read More