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| Terms in Disability Insurance that effect premiums in this policy and important to understand |
- Waiting Period/ Elimination Period: This is the time selected, where you are self insured or in simple words on your own and if the disability time is greater than this self insured time then the insurance company will the monthly benefits. This period could be selected as: 0 days, 30 days, 60 days, 90 days, 120 days and many other options based on plan offered by different life insurance companies. If waiting period is selected as 0 days, that means you are covered for disability from day 1 of disability, similarly 30 days of waiting period means first thirty days from the disability you are on your own and insurance company would pay you from 31st day, and so on.
- How this effect premiums? : shorter the waiting period higher is the premium, so premium of 0 days waiting period is higher then policy with waiting period of 30 days and so on. So when some one wants the coverage but wants to lower down the premiums, selects the policy with higher self insurance days or longer waiting period.
- Benefit Period: This is the period for which the insurance company is liable to pay monthly benefits. Insurance company is supposed to pay monthly benefits as long as you are disabled, unable to work, however the insurance companies have cap to the maximum time the are liable for, this could also be selected as 2 years, 5 years, up to age 65 or up to age 70, these are the most popular one, there could be more options as well based on insurance company product and clients need.
- How this effect premiums? : Shorter the benefit period, lower are the premiums. So a policy with a benefit period up to age 65 would cost higher the policy with benefit period of 5 years.
There are many other terms and conditions that you should go over ones you receive your policy to understand what it covers and what not, it is better to go over policy when you buy it rather than going over it at the time of claim, so as there are no surprises at the time of claim.
For further information or if you want to speak about this in more detail, simply fill in the form below and one of our experienced Life insurance licensed broker shall get in touch.
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