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Chapter 12e - • Disability Insurance Waiting period the...

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Definition of disability Most liberal is “own occupation” definition Most restrictive is “any occupation” definition Sources of disability income insurance Individual disability insurance Employer disability insurance Insurance from Social Security Income determined by amount of Social Security contributions you have made Insurance from Workers’ Compensation Disability Insurance Disability insurance provisions Amount of coverage May be a dollar amount or a percentage of your income Probationary period: the period extending from the time your disability income application is approved until your coverage goes into effect
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Unformatted text preview: • Disability Insurance ( Waiting period: the period from the time you are disabled until you begin to receive disability income benefits Length of time for disability benefits Non-cancelable provision Renewable provision • Deciding on disability insurance Contact private companies or employer • How Health and Disability Insurance Fit Within Your Financial Plan • Key decisions about health and disability insurance that should be included within your financial plan are: Do you have adequate insurance to protect your wealth? How much insurance should you plan to have in the future?...
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