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Disability Insurance

Form of insurance that pays you a percentage of your earned income in the event of illness or injury.

Elimination Period

The period of time between the onset of a disability and the time you are eligible for benefits. For an individual disability insurance policy, the typical elimination period is 90 days.

Occupation Class

The type of work a person performs and the nature of the industry can have a tremendous impact on their risk of becoming disabled. A person’s occupation puts them into an Occupation Class. The occupation class will help underwriters determine the policy’s premium costs.

Benefit Period

The period of time you are eligible to collect benefits while on a disability insurance claim.

Residual Income Rider

Residual disability means that you are gainfully employed and are not totally disabled under the terms of a typical disability insurance policy, but because of sickness or injury you lose a percentage of your income. A residual income rider will pay a monthly benefit if this event occurs.

COLA Rider

A Cost of Living Adjustment (COLA) rider is designed to help the beneficiary’s disability insurance benefits keep pace with inflation. COLAs generally adjust your policy’s monthly benefit equal to the percentage increase in the consumer price index.

Catastrophic Rider

This rider can provide a monthly benefit in addition to any other disability benefit payments under the policy if you are catastrophically disabled. Catastrophically disabled means that, due to injury or sickness, you are:

  • Unable to perform two or more ADLs (activities of daily living) without human standby assistance; or
  • Cognitively impaired; or
  •  Irrecoverably disabled.
Purchase Option

This option of disability insurance allows policyholders to increase their insurance coverage without needing to go through medical underwriting again.

Noncancelable Provision

This means that the policy cannot be canceled and the contract provisions cannot be changed without your consent, and the premiums cannot be raised for the life of the policy as long as you continue to pay your premiums.