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Top 3 Disability Income Mistakes - Part 1: Trying to get the best deal

Dean A. Schachter

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Those not familiar with the cost-benefits of a disability policy think that all policies are the same, thus the lower premium is the best policy. Can this be true? of course not!

The old saying “you get what you pay for” is never truer than here.

If you shop for a policy and the major factors (monthly benefit, Elimination period, Benefit period, definition of total disability and all the riders) are the same, then price can be an important factor and one you can use to decide. If these factors are different then you must weigh the differences when looking at price.

Example: Two policies are identical except for the definition of disability. One policy is Own Occupation and the other is Any Occupation. If the cost is close then always choose the Own Occupation Policy.

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Is Cosmetic Surgery Covered under a Disability Policy?

Dean A. Schachter

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If a total disability results from cosmetic surgery to correct a disfigurement or to improve appearance you will be considered totally disabled due to a sickness, provided the surgery occurs more than 6 months after the policy is issued.

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Surgical Transplant Benefit as part of a Disability Policy

Dean A. Schachter

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After the policy is in force for 6 months, if a part of your body is transplanted into another person’s body and as a result you become totally disabled, company will pay benefits as if the disability was due to a sickness. Elimination period is waived.

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Disability Insurance - The Good Health Benefit

Dean A. Schachter

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For every consecutive policy year completed without receiving any benefit under the policy, the elimination period is reduced by 2 days. Never less than 30 day elimination period.

Call us at 866-762-9922 to see which companies offer this unique benefit.

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The Survivor Benefit - Part of a Disability Insurance Policy

Dean A. Schachter

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Should you die after satisfying the elimination period and while monthly disability benefits are being paid under the policy, some companies will pay an additional three months of Base Monthly Benefit to your designated beneficiary, if any, otherwise to your estate.

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