Do your clients know about all of the benefits that are found in their disability insurance policies? Probably not! An important part of selling DI and having your clients keep their valuable coverage inforce, is to make sure they know about all of the benefits the coverage provides! Many may have some knowledge of their benefit amount and their benefit duration but may not be aware of these “hidden” benefits. Make sure to highlight the following advantages:
- Presumptive Disability Benefit: This benefit presumes the client to be totally disabled with a loss of speech, hearing, sight or use of two limbs. Benefits can be paid for the client’s LIFETIME with some carriers. Others allow benefits to start without waiting for the elimination period under this benefit. One carrier also provides an additional lump sum benefit in addition to the monthly disability benefit with the loss of sight or use of a hand or foot.
- Survivor Benefits: This policy feature pays out a benefit ranging from 3-6 months of the monthly benefit amount if the insured dies while on claim.
- Rehabilitation Benefits: The insurance carrier will pay costs for a rehabilitation program to help the client prepare for a return to full-time work after being on claim.
- Recovery Benefits: Benefits can be paid under the recovery benefit even once a client is back to work on a full time basis and doing all of their job duties, if they still have a loss of income of 20% of more compared to prior earnings.
- Home Modification Benefits: With the built-in Home Modification Benefit, the carrier will pay (up to 6 times the monthly benefit amount) to modify the insured’s existing residence to accommodate their disability.
- Policy Suspension: The policy can be suspended if the insured enters military service on a full time basis for up to 5 years and restored with the same benefits and pricing as before! Some carriers will also allow for policy suspension during a time of unemployment.
- Flexibility: Disability benefits can still be paid under some policies even if the client is retired or unemployed at the time of disability!
To fully appreciate the full value of their disability insurance coverage, make sure your clients know about all of the hidden benefits found in their specific policies. Please refer to the actual policy and carrier (or call DIS) to see which features are included in your client’s policy.
New to DI? Need a crash course on the key elements? The DIS Crash Course is a great primer. Get it here.