Health Insurance Content

 Guaranteed Renewable

A feature that allows you to renew the policy to age 65. As long as premiums are paid when due, The insurance company will not cancel or change your policy. Premiums can only be changed for all insured persons in the same class if approved by the state insurance department in your state.

Benefit Period

The maximum period of time that monthly benefits are payable to you for a given total disability.

Elimination Period

The number of consecutive days that you must be totally disabled before the monthly benefit amount becomes payable.

Occupation Class

Indicates your job classification by level of risk, ranging from 1A, being the most hazardous, to 4A, being the safest. A designation of NE would mean you are not eligible for coverage. If uncertain, consult with an agent representative from DCD Financial & Insurance to determine your current occupational class.

Non-integrated Base Coverage

The part of your disability income insurance policy that pays you a monthly benefit as defined in the policy regardless of social insurance benefits you receive.

Social Insurance Rider

The part of your disability income insurance policy that pays you a monthly benefit as defined in the policy reduced by any social insurance benefits you receive such as Social Security and Worker's Compensation. This rider is utilized since eligibility for many social insurance programs are limited due to restrictive definitions of disability and lengthy waiting periods. For example - some social insurance programs require that your disability must prevent you from being able to perform any substantial or gainful work and must be expected to last for at least twelve months or result in death. If you qualify for Social Security or another social insurance program, then your benefit from this rider is reduced by an amount equal to the social benefit you receive. However, if you do not qualify for any social insurance, the rider keeps paying the full benefit. This rider helps assure your income replacement is maintained at the benefit level you selected while reducing the overall premium cost. It's a win-win situation - with the social insurance rider you receive benefits while you pay less.

Partial Disability

A sickness or injury that keeps you from being employed on a full-time basis. According to the policy, 50% of the monthly benefit will be paid for each month of a partial disability from your injury or sickness for up to six months, if following a period of compensable total disability. The combined period of total and partial monthly benefit payments cannot extend beyond the policy's benefit period.

"Own Occupation" Definition of Total Disability

If you are unable to perform the important, substantial and material duties of your own occupation due to accident or sickness and require a physician's care. This definition is applicable during the first two years of disability after the elimination period has been satisfied.

"Any Gainful Occupation" Definition of Total Disability

If you are unable to perform the substantial and material duties of any gainful occupation, require a physician's care and are not engaged in any job for wage or profit. “Any gainful occupation” is an occupation which fits you by education, training and experience and replaces 60% or more of your previous income. This definition is used after benefits have been paid for two years, applicable only if the insured person has selected a benefit period of five years, ten years or to age 65.

Waiver of Premium

A provision in the policy that waives premiums following 90 days of total disability, or following the elimination period, if shorter. If a period of total disability extends beyond the elimination period and benefits become payable, premiums paid during the elimination period will be refunded. Waiver of premium stops when your total disability ends or at the end of the benefit period, whichever is first.

***These descriptions are intended to be accurate representations of features found in disability insurance policies but are not meant to represent specific provisions for any policy described on this site. **

A benefit available at no additional cost that pays a lump sum benefit to a named beneficiary in the event that you have been receiving monthly benefits for at least 12 months and then die. The lump sum death benefit is six times the monthly benefit.

***These descriptions are intended to be accurate representations of features found in disability insurance policies but are not meant to represent specific provisions for any policy described on this site. ***