Disability insurance benefit period

The disability insurance benefit period is the length of time that benefits will be paid while you are on a disability claim. Benefits begin at the end of the month after you have satisfied the elimination period and will be paid until the end of the benefit period. The most common choices are two years, five years, and to age 65. Note that this is the maximum benefit period for a claim. If the duration of the disability is shorter than the benefit period chosen, then payments will stop when the disability ceases.

Built-in benefits of disability insurance policies

Although not as prominent as the main features of disability insurance policies, built-in benefits are nevertheless vital to these policies. They supplement the main features and help enhance the policy. Many built-in benefits form a part of every disability insurance policies, although the definitions may vary among insurance companies. Below is a list of commonly found built-in benefits of disability insurance policies.

How occupation class affects disability insurance

The type of duties a person performs and the nature of the industry they are in have a tremendous impact on the risk of disability. For example, an arm or leg injury may only disable an office worker for a week or two, but the same condition could cause a construction worker to be unable to work for a considerable period. Therefore, an insured's occupation class is essential in determining the premium rate for the policy and its available riders.

Is the premium for a disability insurance policy guaranteed?

Because of the non-static nature of mortality and morbidity rates, insurance companies have to revise the premiums offered by their life and disability insurance policies once in awhile. But what about policies which are already in force? Are the premiums for a disability insurance policy guaranteed, even in the face of increased claims? Or can the insurance company make changes to its premium, provisions and riders at the time of renewal?

Can you claim for benefits if you have a partial disability?

Last week, we had an in-depth look at the different definitions of total disability and how it affects your claim and the price of a disability policy. But not all injuries or illnesses result in total disability. Sometimes, your ability to perform the duties of your occupation may only be partially hindered. You may not be able to perform some of the tasks, or may only be able to do them for a shorter duration. You may even suffer a loss of income because of your partial disability. Does that mean your disability insurance policy won't pay you any benefits? It depends on the partial disability clause in your policy.