Princess Anne Office
When it comes to insuring your assets, the most important thing is not your house, or any material object; the most important asset is YOU and your ability to work and provide for your family. At Landmark Insurance & Financial Group, our knowledgeable team of Health Insurance Specialists can help guide you to the Disability Insurance Plan that suits you.
If you have a Disability Policy in place and become disabled or unable to work:
One of our Health Insurance Specialists at Landmark Insurance can look at the individual factors in your life and work situation and help you find the policy that meets your personal insurance needs.
Disability insurance has a variety of factors which influence the final premium. Each of the following factors will determine the actual cost:
Age: The older the applicant, the higher the premium will be. The minimum age for applying is 18 and the maximum age is usually 60.
Sex: Unlike life insurance, female rates are higher per unit of coverage than those for male applicants.
Smoker vs. Non-smoker: Those who smoke can expect to pay as much a 25 percent more for the same protection as a non-smoker.
Benefit Amount: Disability policies are typically issued with a specific monthly benefit amount.
Elimination Period: Sometimes this factor is referred to as the “waiting period.” It refers to the period of time before benefits are paid.
Ratings: Some applicants may have a pre-existing health problem that may cause the insuring company to place an extra rating on the policy. This is to protect the company against the extra risk it is assuming.
Disability: There are 5 definitions of Disability:
Benefits: The amount the insurance company pays for covered services.
Own-Occupation – You are not able to perform the material and substantial duties of your occupation, even if you are gainfully employed in another occupation. If you meet the definition of totally disabled and you become employed in a new occupation, your total disability benefit will not be affected by any income from the new occupation, regardless of the amount.
Benefit Period: The benefit period refers to the length of time that the benefit is paid once you have satisfied the elimination period and are on claim. Policies commonly pay for two, five or 10 years and to age 65, 66 or 67. The longer the benefit period, the higher the cost will be. Your benefits stop when you return to work in your occupation, or depending on the contract to another occupation making the same income.