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Disability Insurance Contract Designs Presented By Brian Robinson and Matthew Beatty

Objectives. Probability and CausesTypes of Disability InsuranceRating ImpactFeatures and ProvisionsFunding optionsTaxation of BenefitsIndividual Disability Insurance. Probability and Causes. . Odds for Different Insurance Risks. 1 out of 5your auto will be damaged in an accident*1 out of 21

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Disability Insurance Contract Designs Presented By Brian Robinson and Matthew Beatty

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    1. Disability Insurance Contract Designs Presented By Brian Robinson and Matthew Beatty HANDOUTS Taxation of LTD “Pay Now….” SSNRA Gradings HANDOUTS Taxation of LTD “Pay Now….” SSNRA Gradings

    2. Objectives Probability and Causes Types of Disability Insurance Rating Impact Features and Provisions Funding options Taxation of Benefits Individual Disability Insurance

    3. Probability and Causes

    4. Odds for Different Insurance Risks 1 out of 5…your auto will be damaged in an accident* 1 out of 21…that you will have a disabling accident* 1 out of 96….that you will have a fire* 1 out of 114….that you will die** * National Safety Council ** World Almanac

    5. Probability of Disability 3 in 10 chance of a working person between 35-65 of becoming disabled for 90+ days One in eleven people between the ages of 18 to 64 have a limitation of activity due to chronic conditions.1 If you are between the ages of 35 and 65, you are six times more likely to become disabled than to die.2 48% of all home foreclosures result from long term disability.3 1 National Health Interview Survey 1994. 2 Money Magazine, September 1991 3 Housing and Home Finance Agency of the U.S.

    6. Misconception: Most Disabilities Don't Last Very Long Percentage of Percentage of People Still People Still Age When Disabled at Disabled at Disabled for End of 2 Years End of 5 years 90 Days and 90 Days and 90 Days 25 63.5% 44.2% 35 69.7 52.6 45 73.6 58.0 55 77.6 59.6 Source: Commissioners' Disability Table 1985

    7. Leading Causes of Short Term Disability Musculoskeletal 19% Pregnancy 15% Injury/Poisoning 13% Cancer 7% Circulatory 6% Pregnancy Complications 6% Digestive System Diseases 6% Reproductive/Urinary 5% Nervous System Disorders 4% Respiratory 3% Chronic Fatigue Syndrome 1% *JHA 2004 Disability Study

    8. Leading Causes of Long Term Disability Musculoskeletal 24% Circulatory 13% Nervous System 11% Injury/Poisoning 10% Cancer 10% Mental Disorders 6% Respiratory 4% Pregnancy 3% Fibromyalgia 1% AIDS 1% Chronic Fatigue Syndrome 1% *JHA 2004 Disability Study

    9. Depression Is a Growing Problem

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