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Newsletter
2011 7th Edition (Other Editions)
NON-CANCELABLE DISABILITY
A serious disability is more than twice as likely as death, and the average duration is from four to six years. This hazard requires careful insurance planning to avert the possible consequences of an unprotected disability:
- Erosion of all savings and investments
- Forced sale of residence and personal property
- Loss of position and esteem in the community
- Dependence on public or family charity
Most employees receive protection for short-term illnesses or accidents. This type of coverage normally commences on the first or fourth day and continues for 120 days. Since many people need supplemental individual disability coverage, it is important to obtain coverage with a reputable company that contains the essential features.
GUARANTEED RENEWABLE
This provision prohibits the insurance company from canceling the contract under any circumstances, such as high claims in general or large claims by you individually.
NON-CANCELABLE
This requires the insurance company to continue the same premium as when originally issued, without increase. It is important to examine whether the company is limited to the stated schedule.
ELIMINATION PERIOD
The period that must elapse before benefits commence. This should coordinate with your other income. A few policies have a shorter elimination period for accidents.