Product Description
Income Protection DE is a guaranteed-renewable disability income insurance policy for individuals. It pays a weekly benefit while the insured is totally or partially disabled, following an elimination period and up to the maximum benefit period, subject to policy provisions.
Issue Ages
18–60 (age last birthday)
Renewability
Guaranteed renewable to age 65, conditionally renewable to age 75 if employed full time
Underwriting Classes
Non-Tobacco and Tobacco
Occupational Classes
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Class 4A: Includes professional or office-type occupations that are rarely exposed to physical or occupational hazards.
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Class 3A: Includes occupations similar to occupation class 4A but with certain activities or hazards involving laboratory, technical, supervisory and service work.
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Class 2A: Includes skilled and manual occupations in lighter industries, along with most machine operators.
- Class 1A: Includes occupations involving heavy manual labor or unskilled workers where there is increased risk of accident.
Weekly Benefit Amount
$50-$1,500
Benefit Periods
13-week, 26-week, 1-year, 2-year, 5-year and 10-year
Elimination Periods
(presented as accident elimination period/sickness elimination period where different)
Accident and Sickness Policy Type
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for 13-week benefit period – 0/7, 0/14, 7 or 14 days
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for 26-week benefit period – 0/7, 0/14, 7, 14 or 30 days
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for 1-year benefit period – 0/7, 0/14, 7, 14, 30, 60 or 90 days
- for 2-year, 5-year and 10-year benefit periods - 30, 60 and 90 days
Accident-Only Policy Type
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for 13-week benefit period – 0, 7 or 14 days
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for 26-week benefit period – 0, 7, 14 or 30 days
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for 1-year benefit period - 0, 7, 14, 30, 60 or 90 days
- for 2-year, 5-year and 10-year benefit periods – 30, 60 and 90 days
Issue Limitations
Premium ratings for build outside of standard risk classifications as well as other factors are available through Table 4 only (200 percent of standard).
Underwriting
Utilizes a simplified application and third-party data sources to mirror a traditional fully underwritten approach. Medical underwriting is not anticipated but may be required at underwriter discretion to consider a coverage offer for the Accident and Sickness policy type. Coverage may be offered other than as applied for using a policy amendment rider excluding coverage for disabilities arising from a certain source or condition, premium ratings, a longer elimination period, a shorter benefit period or a combination of any of these.
Rate Structure
Premiums are level for the guaranteed renewal period; based on gender, age, underwriting class, occupation class, benefit period, elimination period and benefit amount. Premiums increase annually for the conditionally renewable period.
Included Benefits
- Total Disability Weekly Benefit (Base Policy Weekly Benefit)
- Partial Disability Weekly Benefit
- Presumptive Disability Benefit
- Childbirth Benefit
- Organ Donor Benefit
- Social Insurance Offset (optional)
- Waiver of Premium
Optional Riders (additional premium, not available in all states)
- Catastrophic Disability Rider
- Guaranteed Insurability Rider
- Own Occupation Rider
- Retroactive Injury Rider
- Return of Premium Rider
- Stay-at-Home Spouse Rider
Premium Modes
Annual, Semi-Annual, Quarterly, Monthly (automatic bank withdrawal or credit card)
Policy Fee
Accident and Sickness policy type – $25 annually (commissionable)
Accident-Only policy type – No policy fee
15-029-022001-52