Disability Insurance for Sales Professionals
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Under this important optional rider, you will be eligible for a residual disability benefit when, solely due to sickness or injury, you suffer a loss of income of 15% of your prior income. No loss of time or duties is required for benefit eligibility.
There is a basic scenario we like to point out to sales professionals shopping for disability insurance. Let's assume you were totally disabled for eight months, and then you recover and are back to work full-time. With the Residual Disability Benefit Riders1 recovery provision you would continue to receive benefits, up to the full benefit period of the policy, for as long as you continue to suffer a loss of at least 15% of your prior income solely due to your sickness or injury. A carrier that has a time and duties requirement would not pay you a residual benefit. Most may pay a recovery benefit based on a 20% loss of income requirement due to the disability. However, some may limit their recovery benefits to a number of months, while others may pay for the full benefit period.
In our opinion, you are making a big mistake if you own a disability insurance contract that requires a loss of time and duties in order to receive a benefit check.
Important Provisions Within A Disability Insurance Contract For Sales Professionals
Non-Cancellable & Guaranteed Renewable- These renewability provisions are vital for the sales professional. When a policy is Non-Cancellable, the insurance company cannot change any of the policy provisions or premium as long as you pay the premiums on time.
True Own-Occupation Definition of Total Disability- Have you ever changed industries? Ever changed jobs? The key point to this definition is that it will provide you with coverage if a disability prevents you from performing the duties of the occupation or occupations, if more than one, you were gainfully employed in during the 12 months before becoming disabled, even if you are able to work in a new capacity. This is a truly powerful definition of total disability.
Definition of Residual Disability- As in the scenario above, it is the definition of residual disability that does more to assist with your financial recovery. There are two major types of residual disability coverage in today's insurance market. The first type, that Berkshire offers, requires only a loss of income of at least 15% due to the disability in order to be eligible for residual benefits. The second type requires a loss of time or duties and at least a 20% loss of income due to the disability to qualify for residual disability benefits. If you are at work full-time doing all duties, and continue to suffer a loss of income due to the prior disability, you may be eligible for a recovery benefit under the Residual Disability Benefit Rider. Berkshire's recovery benefit may be payable for the full benefit period. Some companies limit the length of time for recovery benefits to be payable to a number of months instead of for the full benefit period. It is vital to have a residual disability definition that is based upon a loss of income only so that you can receive benefits sooner and for a longer duration.
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