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DEFINITION OF TOTAL DISABILITY
It's important to know if
you're protected in your occupation or if you're simply unable to work at any job. Own occupation policy's which protect you
in your specialty, even if you are at work in another occupation, are the plans to purchase.
NON CANCELABLE AND GUARANTEED RENEWABLE
This means the insurance company
can't raise your premium or cancel your disability insurance as long as you pay your premiums.
RESIDUAL DISABILITY BENEFIT
Some disability policies offer
partial benefits when you go back to work but are not healthy enough to work full-time. This is commonly referred to as Residual
Benefits.
BENEFIT PERIOD
Most
policies offer benfits to age 65, 67 or lifetime.
FUTURE INCREASE OPTION
You are able to increase your disability income insurance monthly benefit as your salary
increases without providing medical insurability. This is commonly referred to as Future Increase Option (FIO/FPO).
WAIVER OF PREMIUM
This
assures that if you become disabled, your premiums will automatically be waived until you're no longer disabled.
INFLATION BENEFIT
This
means your disability benefits may be increased to keep pace with inflation after a disability begins. This is commonly referred
to as COLA (Cost Of Living Adjustment).
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