| This is typical of an executive-level disability contract: |
Product
Overview |
Offers top quality income protection during total, partial or residual disability. |
Target
Markets |
Professionals and executives who value a comprehensive income protection plan.
|
Premium
Structure |
Level, guaranteed to age 65. Guaranteed renewable after age 65 if insured continues to work full-time (subject to change in premiums).
|
Issue
Ages |
18 - 60
(age nearest) |
| What Triggers Payment of Benefits? |
Total or reduced disability due to injury or sickness.
Total: Inability to perform the substantial duties of the regular occupation and not working elsewhere.
Reduced: Choice of residual or partial definition at time of claim. Can switch option each month during first year of claim.
Residual: Not totally disabled but suffers at least a 20% loss of income. Benefits are proportional to the income loss.
Partial: Inability to perform one or more important duties or can only work half the regular hours. Fifty percent of monthly benefit payable for first 36 months; 25% thereafter. |
| When Does Payment Begin? |
After selected elimination period from onset of disability:
30, 60, 90, 120, or 730 days. |
| How are Benefits Paid? |
Monthly benefits payable during the selected benefit period while disability lasts:
2 or 5 years, or to age 65. |
Benefit
Maximum |
Monthly benefit selected at issue depends on earned income, with overall limits as follows:
| Class |
Ages 18 - 55 |
Ages 56 - 60 |
| 4A/4S |
$24,500 |
$10,000 |
| 3A |
$15,000 |
$ 6,000 |
| 2A |
$ 7,000 |
$ 4,000 |
|
Standard
Benefits |
- Waiver of premiums after 90 days or elimination period if less
- Recurrent disability (12 months)
- Vocational rehabilitation
- Non-occupational disability
- No integration of benefits
- Accumulation of days for elimination period (24 month separation)
- Automatic coverage enhancements of 5% annually
- Additional 25% of monthly benefit paid for catastrophic disability (assumed total loss of independence, cognitive loss, terminal illness)
- Zero-day elimination period for permanent catastrophic disability
- Recovery benefits
- Death benefit (3 times monthly benefit)
|
Optional Riders
(age restrictions may apply) |
- Premium Refund Rider (PRR)
- Additional Insurance Rider (AIR) – guaranteed insurability to age 55
- Cost of Living Adjustments (COLA) 5%
- Own Occupation (4S/4A)
- Health Protection Rider (HPR) – Standard or Enhanced covering HIV, HepB and HepC
- Pensionguard
|
