Life insurance has come a long way over the years, and now, you don't need to die to use the benefits from your policy.  Life insurance policies have enhanced benefits you can add to your policy called riders.  These riders are added for an additional cost, but in combination with your death benefit, these can [...]

Life insurance has come a long way over the years, and now, you don’t need to die to use the benefits from your policy.  Life insurance policies have enhanced benefits you can add to your policy called riders.  These riders are added for an additional cost, but in combination with your death benefit, these can be very affordable!

A Closer Look at the Disability Income Rider

There are two riders for Disability Income that you can add to your policy (in most states), one is a Monthly Disability Income Rider and the other is the Accident Only Disability Income Rider.

Let’s start taking a look at the Monthly Disability Income Rider

The Monthly Disability Income Rider provides a monthly benefit, after the elimination period, if the insured becomes totally disabled (as described below) prior to the insured’s 65th birthday.

“Total disability” is a condition due to injury or sickness which keeps the insured from doing the important, substantial, and material duties of their own occupation and requires a physician’s care unless the insured has reached the maximum point of recovery.

You have to add this rider to your life insurance quote and application (we make it really easy to do) and you can choose a monthly benefit between $300 through the lesser of $3,000 or 1.5 percent of the base policy benefit amount; issue amounts rounded to the lowest $100 increment. Also limited to a maximum of 60 percent of the applicant’s gross earned monthly income (40 percent in California) and based on the total of all in-force and applied-for individual and group disability income benefits.

Now we will take a look at the Accidental  Disability Income Rider

This rider provides a monthly benefit while the insured is totally disabled, up to a maximum of two years. Benefits are not payable unless the total disability is the result of an accidental injury and begins within 180 days of the accidental injury and prior to the insured’s 65th birthday. Benefits are not payable until after the insured has been continuously totally disabled for 90 days.

“Total disability” is a condition resulting from an accidental injury and independent of all other causes, which keeps the insured from doing the important, substantial and material duties of their own occupation and requires a physician’s care, unless the insured has reached the maximum point of recovery.

You have to add this rider to your life insurance quote and application (we make it really easy to do) and you can choose a monthly benefit between $300 through the lesser of $3,000 or 1.5 percent of the base policy benefit amount; issue amounts rounded to the lowest $100 increment. Also limited to a maximum of 60 percent of the applicant’s gross earned monthly income (40 percent in California) and based on the total of all in-force and applied-for individual and group disability income benefits.

How do I add these to my policy?

Well before you apply and are approved for coverage, you need to start a quote.  In our process, we have made this really easy.  Once you create your quote you simply add the rider you would like and the rate will automatically adjust.  You can add and adjust the riders until you have everything the way you want it, then apply.  Our instant decision process will allow you to quote, customize and buy life insurance (including Disability Income Riders) in minutes!  Don’t delay, get your quote today!