Call Us 563.583.9100 ☰ ˟
Logo
563.583.9100
  • Home
  • Get A Quote
    • Annuities
    • Automobile
    • Bonds
    • Business & CommercialImage of right arrow
      • General Liability Quote Form
      • Business Owners (BOP) Quote Form
      • Workers Compensation Quote
    • Farm
    • Flood
    • HealthImage of right arrow
      • Health Insurance Quote
      • Disability Insurance Quote
      • Long Term Care Insurance Quote
    • HomeownersImage of right arrow
      • Instant Home Quote
      • Vacant Home Quote Form
    • Life
    • Motorcycle
    • Other
    • Recreational Vehicle
    • Umbrella
    • Watercraft & Boat
  • Customer Service
    • AutomobileImage of right arrow
      • Request ID Card for Auto Policy
      • Add Vehicle to Existing Auto Policy
      • Remove Vehicle from Existing Auto Policy
      • Add Driver to Existing Auto Policy
      • Remove Driver from Existing Auto Policy
    • Homeowners
    • MotorcycleImage of right arrow
      • Add Motorcycle to Existing Policy
      • Remove Motorcycle from Existing Policy
      • Add Driver to Existing Motorcycle Policy
      • Remove Driver from Existing Motorcycle Policy
    • Recreational VehicleImage of right arrow
      • Add Recreational Vehicle to Existing Policy
      • Remove Recreational Vehicle from Existing Policy
      • Add Driver to Existing Recreational Vehicle Policy
      • Remove Driver from Existing Recreational Vehicle Policy
    • Watercraft & BoatImage of right arrow
      • Add Watercraft to Existing Policy
      • Remove Watercraft from Existing Policy
  • Claims
    • Insurance
  • Blog
  • Make a Payment
  • Resources
    • Secure File Area
    • Refer a Friend
    • Important Links
    • Calculators
    • Free Reports
    • Insurance Glossary
    • Frequently Asked Questions
    • News Center
  • About Us
    • About Paul Kern Insurance
    • Location Map
    • Employee Directory
    • Customer Testimonials
    • Privacy Policy
  • Contact
    • Contact Us
    • Join Our Newsletter
Home > Blog > What are the types of disability insurance?
THURSDAY, OCTOBER 25, 2018

What are the types of disability insurance?

There are two types of disability policies: Short-Term Disability (STD) and Long-Term Disability (LTD):

 

 

· Short-Term Disability policies (STD) have a waiting period of 0 to 14 days with a maximum benefit period of no longer than two years.
 

· Long-Term Disability policies (LTD) have a waiting period of several weeks to several months with a maximum benefit period ranging from a few years to the rest of your life.

 

                      Disability policies have two different protection features that are important to understand.

 

· Non-cancelable means the policy cannot be canceled by the insurance company, except for nonpayment of premiums. This gives you the right to renew the policy every year without   an increase in the premium or a reduction in benefits.
 

· Guaranteed renewable gives you the right to renew the policy with the same benefits and not have the policy canceled by the company. However, your insurer has the right to   increase your premiums as long as it does so for all other policyholders in the same rating class as you. In addition to the traditional disability policies, there are several options you should consider when purchasing a policy:

 

·Additional purchase options
Your insurance company gives you the right to buy additional insurance at a later time for an additional cost.
   

· Cost of living adjustment (COLA)
The COLA increases your disability benefits over time based on the increased cost of living measured by the Consumer Price Index. You will pay a higher premium if you select the COLA.
 

·  Residual or partial disability rider
This provision allows you to return to work part-time, collect part of your salary and receive a partial disability payment if you are still partially disabled.
 

·  Return of premium
This provision requires the insurance company to refund part of your premium if no claims are made for a specific period of time declared in the policy.
 

· Waiver of premium provision
This clause means that you do not have to pay premiums on the policy after you’re disabled for 90 days.

 

·  Coordination of benefits
The amount of benefits you receive from your insurance company is dependent on other benefits you receive because of your disability. Your policy specifies a target amount you will receive from all the policies combined, so this policy will make up the difference not paid by other policies.

 

Feel free contact our office for additional information or to allow us to help you tailor coverage to fit your individual needs.

Posted 4:30 PM

Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2020
  • 2019
  • 2018
  • 2017

  • health(1)
  • farley(1)
  • wisconsin(1)
  • east dubuque(1)
  • epworth(1)
  • iowa(1)
  • illiniois(1)
  • dubuque(1)

View Mobile Version
Logo
Quick Links
Home Our Products Customer Service Payment Options Report a Claim Privacy Statement


About Us Refer A Friend Our Carriers Blog Contact Us
Location
3430 Dodge St
Suite 3
Dubuque, IA 52003

Phone: 563.583.9100
Follow Us Here Social Social
© Copyright. All rights reserved.
Powered by Insurance Website Builder