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Pays after selected number of days
Disability policies typically commence the benefit period after a pre-determined number of days away from work – the Elimination Period. While a ‘first day accident' rider is available it can be expensive, and is not for everyone. When selecting an elimination period for your policy, keep in mind payments will not be received until the end of the following month.
Pays to age 65 or less
Definition of disability
The definition of disability is the key to the policy. The definition of disability is the clause which allows the insurer to accept or deny the claim. Be sure your policy has a definition that suits your work and lifestyle.
Group disability benefits are generally renewable each year and do not have the flexibility you can get in an individual disability policy tailored to your needs. We would be happy to discuss the differences with you.
There are three basic definitions of disability – any occupation, regular occupation and own occupation.
Most people will be looking at a ‘regular occupation' definition of disability. This definition means benefits will continue so long as you are under the care of a physician, are unable to perform the substantial duties of your regular occupation, and you are not engaged in any other occupation for gain or profit.
Exclusions can be the bane of your existence if you are not aware of the exclusions in your policy. Some policies are very restrictive with regard to certain conditions, so be sure you have the exclusions explained thoroughly.
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