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Need for Disability

Need for Disability. Many people insure their lives, home, car, boat, but not their income Home fire – 1 out of 88 homes Auto accident – 1 out of 70 Death – 1 out of 106 Disability – 1 out of 8 Loss of income leads to loss of all assets

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Need for Disability

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  1. Need for Disability • Many people insure their lives, home, car, boat, but not their income • Home fire – 1 out of 88 homes • Auto accident – 1 out of 70 • Death – 1 out of 106 • Disability – 1 out of 8 Loss of income leads to loss of all assets Always find out from employee any current disability insurance

  2. Types of Businesses Has no long or short term • Can’t afford it • 100% employee paid No short term/has long term • 90 or 180 day eliminations • Offer 3 or 6 month options Has short term/no long term • Offer longer elimination • Extend their benefits Has both short and long term • Sufficient benefit amounts • Find out if underinsured

  3. Disability Options • Elimination Period • 0/7 • 0/14 • 7/14 • 0/30 • 30/30 • 60/60 • 90/90 • Length of benefit • 3, 6, 9, 12 or 24 months • Amount of benefit • Up to 70% of income • Pre Tax or After Tax • Own Occupation – Any Occupation • Aflac only offers Own Occupation

  4. Aflac’s Personal Disability Income Protector Plan Policy benefits include: • Benefit periods of 3, 6, 12 or 24 months. • Elimination periods of 0/7, 0/14, 7/14, 0/30, 30/30, 60/60, 90/90 or 180/180 for Accident/Sickness. • Disability income from $500 to $5,000 per month. • Definition of Total Disability: “A continuing inability to perform the material and substantial duties of your full-time job” you must also be under the care and attendance of a physician for your condition. • Pre-Existing Condition Limitation: “A sickness or an injury, for which medical advice or treatment was recommended by a physician within the 12-month period before the effective date of the coverage. Pre -existing conditions that occur more than 12 months after the effective date of coverage will be covered. Illnesses, diseases or disorders that are medically treated or diagnosed within the 30-day period after the effective date will not be covered for 12 months from the effective date of coverage.”

  5. Target Market • Pregnancy • Vaginal Birth – 6 weeks • Cesarean Birth – 8 weeks Must happen 10 months after purchase of policy

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