Caryn Montague
Expert
- 30
Most of us know that definition of "disabled" in disability plans and policies often changes 2 or 5 years into claims. It is common to transition from language that pays benefits if claimant cannot do his own occupation to language that pays benefits if she cannot do ANY occupation.
But what about the life insurance, AD&D, pension/retirement/savings plans, loans against plans, cancer or dread disease plans, LTC, dental, health insurance, etc. When waiver of premium language is present, it varies from one plan and policy to the next. One claimant's portfolio can have myriad definitions and high bars to reach in order to qualify each benefit to be on a waiver.
Think about it....You worked very hard to ensure your clients' "hidden paychecks" were protected in the event of disability. However, will their life insurance continue in force? Will their retirement distribution, taken solely because they were waiting for their LTD and SSDI to kick in, impact their future after first being penalized for early distribution?
Protect your clients' entire benefits portfolios. Happy holidays.
But what about the life insurance, AD&D, pension/retirement/savings plans, loans against plans, cancer or dread disease plans, LTC, dental, health insurance, etc. When waiver of premium language is present, it varies from one plan and policy to the next. One claimant's portfolio can have myriad definitions and high bars to reach in order to qualify each benefit to be on a waiver.
Think about it....You worked very hard to ensure your clients' "hidden paychecks" were protected in the event of disability. However, will their life insurance continue in force? Will their retirement distribution, taken solely because they were waiting for their LTD and SSDI to kick in, impact their future after first being penalized for early distribution?
Protect your clients' entire benefits portfolios. Happy holidays.