Sep 21 2017

Supplemental Insurance with a focus on Disability Insurance #supplemental #insurance


Some cool stats about one of the companies we work with

Frequently Asked Questions

How much does a typical claim pay?

There is no typical claim per se, but for some products they are daily dollar amounts that are paid based on days in the hospital / recovery time, and you can be covered for up to $9000 a month for these types of policies. As with any type of insurance, there are variables that determine the payout of a claim and the amount of money paid to the policyholder. In a supplemental monthly disability scenario, the payout is based on months totally disabled. A larger sum payout, as with Critical Illness policies, can be up to $100,000 one time.

Can I use these funds for any purpose?

Yes. This money can be used for anything.

What kinds of things can be covered

Accidents and illness resulting in Stitches, broken bones, hospitalization, ICU intensive care, recovery time, surgeries, cancer, strokes, heart trouble, head trauma, burns, and cancer treatments are all examples of what can pay you cash through supplemental insurance. Loss of life, limb(s), eye(s), ambulatory services, can also be covered. Anything that would result in the inability to perform your usual business or occupation would be covered under our disability policies.

Will I get paid in addition to WCB?

This is a common one that we get and it’s a great question. The answer is yes. Supplemental insurance is a class of insurance that pays in addition to all other coverage! WCB is a must have, but it does have limitations, and the products we have access to pair perfectly with it.

Why is Own Occupation definition of disability important.

This is important to note, and here is an example. A carpenter with a disability policy with an “any occupation” definition (not the one we like), falls and breaks his leg. He can still do light office work and handle paperwork, but can’t do his own job. He files a claim for disability, expecting to be paid. However, because he is making a wage still, the claim is denied.

“Own occupation” means the inability to perform the substantial and material duties of your business or occupation. This is the type of policy that you want to have to ensure you have peace of mind and will be paid, regardless of whether you can still operate on light duty. These policies pay you if you can’t perform your “own” occupation.

Here is an extreme example of this. A person is working as a __________ (doesn’t matter), they are involved in an accident and become a quadriplegic. They file for disability and are paid for a short term while they are instructed to seek work that is possible for them to do. They are now placed as a greeter at a retailer, or a telemarketer, or some other simple and not highly compensated occupation, and then their claim is denied because technically they can work at “any” occupation. Please avoid these types of policies for your financial benefit in the time of loss.

We prefer policies that use the “Own Occupation” definition of disability as it is much more powerful for the consumer at the time of a claim.

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