Individual Disability Insurance

Our Impaired Individual Disability Insurance

  • The most financially valuable asset everyone has is their ability to earn an income. When this ability is compromised the individual's quality of life overall is threatened. For this reason, the role that disability insurance plays in securing one's wellbeing cannot be understated, which is why IDU believes that all individuals should be able to secure personal income protection. Some of the greatest challenges' clients can face in obtaining this coverage is the conservative restrictions and limited benefit levels found in traditional markets. These constraints often leave clients with pre-existing medical conditions and high-risk occupations at a coverage deficit, especially if they are also high-income earners! In order to give this underserved client-base an option outside of self-insuring, IDU creatively underwriters and issues High Limit Personal Income Disability Protection.

  • Domestic Shortfalls

    • Conservative Underwriting
    • High Risk Avocations
    • Medical Impairments
    • Ages over 60
    • Low Limits
  • Target Markets

    • White Collar Professionals
    • Blue & Gray Collar Occupations
    • Medical Professionals
    • High-Risk Occupations
    • Significant Health Impairments
    • Field Engineers
  • Key Features

    • Policy Terms of 1, 3 and 5 years
    • Monthly Benefit Limits up to
    • Own Occupation Definition of Disability
    • Limits up to 10x Income
    • Monthly Benefit Periods: 12 to 60 months
    • Elimination Periods: 90, 180, & 365 days or longer
    • Covered forms of compensation
      • Salary
      • Bonus/Commissions
      • K-1 Income
      • Restricted Stock Awards
    • Flexible Premium Payment Options
    • Creative Underwriting Techniques
    • Waiver of Premium
    • Residual Rider Available
    • Pre-Existing Conditions and Impairments typically excluded, rated or warrantied
  • Commonly Underwritten Health Histories

    • Cancer
    • Stroke
    • Diabetes
    • Mental/Nervous Conditions
    • Aneurysms & Clots
    • Musculoskeletal Issues
    • Heart Attack & Stints
    • Build Challenges
    • Past Substance Abuse
  • Definition Details

    • Term of Insurance: is the time period where the policy cannot be cancelled. Neither the terms nor policy can be altered by the carrier, provided the premium is paid on time.

    • Elimination Period: defined as the period of time for which the Insured must be continuously disabled before the benefits are payable. There are many options for EP.

    • Benefit Period: is the number of months that benefits are payable to during a period of disability. IDU can offer both a monthly, lump sum or combination benefit periods.

    • Loss of Payee: All disability benefits from the policy will be paid to the designated Beneficiary.

    • Policy Owner: Generally, the Insured on the Schedule. If otherwise, the person who applies for insurance in conjunction with or on behalf of the Insured. At all times there must be a valid insurable obligation/interest between the owner and Insured.

    • New Term of Insurance: May be allowed or offered at expiration of previous policy, subject to underwriting.

    • Premium Mode: Premium payments are to be paid on a monthly, semi-annual, annual or single premium basis.

    • Grace Period: IDU's grace period will allow a period of thirty-one days for the payment of each premium due.

    • Waiver of Premium: Following the initial payment and if any unforeseen injury or illness occurs where the client becomes totally disabled and has satisfied the elimination period, the policy will waive future premium as long as the definition of disability is met.

    • Total Disability: Solely due to a covered Injury or Sickness, the Insured is unable to perform the substantial & material duties of their occupation for which they are practically suited by training, education, knowledge, and experience, even if they are at work in another occupation.

    • Presumptive Disability: For Monthly Benefits payable the Insured is presumed Totally Disabled and Elimination Period waived if as a direct result of an injury or sickness that occurs during the policy term and causes irrecoverable loss of: ability to speak or hear, sight of both eyes, use of both hands or feet or one hand and one foot.

    • Recurring Disability: Any Disability commencing after the Insured has received benefits for a prior Disability we will consider it a continuation unless these periods are separated by more than six consecutive months or they are due to unrelated causes.

    • Residual: If while working in your occupation you suffer a loss of at least 25% of income accompanied by either an inability to do one or more of your substantial duties or ability to perform all of your duties but for less time than is usually required then an equivalent percentage of the Monthly Benefit is paid. Payments will proceed until no longer residually disabled or the benefit period is exhausted, whichever the sooner.

  • Monthly Benefit Overview

    Once the Elimination Period has been satisfied, the monthly benefits will begin and are paid out until the Benefit Period has been exhausted or Total Disability ends, whichever the sooner.

  • Lump Sum Benefit Overview

    Considered a career ending benefit, the Lump Sum is triggered by the Permanent Total Disability of the Insured, meaning they are not expected to recover or return to work. The benefit is paid out either following the exhaustion of the monthly benefit or once Elimination Period has been satisfied.

*Above definitions are summary language only and not exact replica of Policy Wording

For more info about our Impaired Disability Insurance program, download our brochure

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