Greetings! My name is Corey. I’m one of the product specialists here at motif. I recognize your interest in working with us for your disability insurance needs. And today what I’m going to be walking you through is a quote presentation to help you make sense of some of these punishment details.
And what’s really important to know about a disability insurance policy before you pick out which fellowship would work the best for you. Now as I manipulated through this, the mentions that you have that are fine accommodated to yourself solely might appear a little different than what I’m going to show you today.
But the purpose of this is just so you know, some key terms and how your programme labours, and we’re going to get started with that right now. When you open up your repeat report, First, you’re going to see the accessible corporations that has given us repeats that you can pick from those are going to be at the top of the counter like this. And as “youre seeing”, such person or persons has five different insurance companies that they can choose from.
And at the end of any find that we do, and, uh, the purpose of the scope report is to look at certain details and then eventually company that clears the most sense for you as an individual. Yeah, next. We’re going to look at how much is beneficial to, uh, the particular insurance companies have quoted you with. Now, how would the insurance companies calculate this is they will take your income and then they’ll offer you a policy that is semi-closed to matching. What would normally be on your paycheck month by month after taxes get taken out.
Since this is insurance on your income, your income is of most significance to get a policy, you will submit income documentation. And the insurance company will compile you an present that seems fit to fit what you need on a few months by month basis. But let’s “re saying you” get a race. Well, you will be able to increase this policy in the future because you’ll have increase options. And how this works is all you need to do is prove to the insurance company that your income has changed.
So that’s submitting a most recent pay stub, a W2, maybe a copy of an employment contract, and the insurance company will then examine the numbers and impel you another render as to how much additional benefit you’re eligible for. The elimination point is simply the amount of eras that you need to be disabled before those long-term disability benefits start to kick in. And it’s because after that period of time is when your disability is considered. Long-term. And those benefits can previous you with this client.
They can previous them until the age of 65, but evaluating on different health conditions, this digit can be changed. But senility 65 is industry standard and that is always our goal. These programs will have contract communication on there that was of the view that they are non-cancelable and guaranteed renewable. Now, this really is two periods that simply benefit you. That means that the insurance company can not make any changes to your policy.
Once you already have it ratified and they can’t cancel your hope. As long as you prevent compensating insurance premiums, since this is a policy that belongs to you, you get to make any changes to it and you can cancel it at any time. The insurance company just can’t be the ones to initiate those converts. These three strings are the writers on the repeats and the reason why we, what the hell is these three scribes. Is because what we want is for everyone, we speak to, to have a policy that fits everything they need.
But too, I don’t want you paying for a really expensive policy that is filled with aspects like this, that you’re not going to get a lot of use out of. So what we have found is that these three on a programme is going to give you the most return on investment and eventually establish the most sense. Now inducing the most sense might differ from person to person.
So some of you may have all these, some of you may want to opt out of one or several of these equestrians, but let me explain each one. Residual disability threshold is a writer that is aimed at protecting you in the event of a partial disability.
So the space the policy would work without this writer is the only time that you are able to get paid is if you were losing 75% or more of your stipend. But what about the in-between ages? What if you time had to work? Part-time so you’re not losing all of your income, but you’re losing a significant portion to make a difference.
Having this equestrian allows you to get a portion of your benefit quantity so you can make ends meet month by month, even if you’re not fully incapacitated, disastrous benefit on the other hand is for the more serious injuries.
So if “youre gonna” irrevocably incapacitated, or if something happened where you needed assistance, exactly to live your day-to-day life, having this equestrian is going to pay you various thousand additional dollars monthly on top of your policies benefit extent that you would already expect to get paid.
And the reason for those added benefits is just so you can make ends meet and pay for anything extra that you are responsible for such as infirmary statements. And the third rider cost of living adjustment. This is to make sure that those disability benefits that you get paid by the insurance company will keep up with the ever-changing rates of inflation. These corporations could also offer you a few months of limited mental health coverage.
You can tap into this if you need it to miss work for specific mental health reasonableness, such as stress, suspicion, or dimple, and finally conduct score. Is a ranking organization that is going to score these companies based upon their overall financial concentration or stability as a business.
So after you inspect all of the penalty detailed information on your paraphrases, the next step is to figure out how much does this cost. And that is found at premium amount in price per 100, for everything that is on your programme premium amount is going to be the total monthly expense for that one individual policy.
But the line to really focus on is cost for $100, because this is kind of like world prices per pound.
It starts it very simple to compare these apples to apples. If you’re looking at excerpts with some diversifying extents of benefit at the top. So how it toils, for example, what guardian is saying with this client is they would have to pay$ 4 and 94 cents. For every $100 of total benefit that they have on their scheme. So the lower, the better, but lower the price for 100, the lower your overall costs are going to be.
So with this client, they might want to go with a company like Ameritas or a standard right here in the middle, since they have lower toll for 100. So they’re going to save more coin by working with those companies. Quick disclaimer, cost. Isn’t ever everything, a cheaper alternative for you are not able be the actual overall best option. So if you have individual questions about yourself and what would be a good fit, please feel free to give us a telephone call or send us an email.
We’d be more than happy to help you. Happy to be working with you and hope you have a great rest of your day..
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