Frequently Asked Disability Questions Missoula MT
Company: Estate Conservation Associates
Franklin & Marshall College A.B.
Stanford University M.A.
Years Experience: 34
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East Polson, MT
St. Louis, MT
Frequently Asked Disability Questions
How Much Disability Insurance Benefit Do I Get?
What is a Cost of Living Adjustment (COLA)?
This ensures that the disability insurance benefit's paid to you will increase over time based on the cost of living. We assume that the cost of living will continue to go up and that is why disability insurance companies have COLA is an option. As usual, you increase the risk to the disability insurance company - and you will pay more for this type of policy.
Disability Insurance - What if I can't work full-time, but can work part-time?
You are not fully disabled, but you cannot work full time hours. In this case, if your disability insurance policy has a "residual" or a "partial disability" rider you can get back to work slowly. This rider allows you to receive a partial benefit while you have part-time work.
This particular rider is a great idea since it reduces risk to the disability insurance company and also lets you 'ease' back into work life after illness or accident. It doesn't normally cost you more, but you need to check the fine print.
Disability Insurance - What is a return of premium option?
This option provides for part of your premium to be returned to you, from the disability insurance company, if you have been claim free for a certain period.
While the return of disability insurance premium option looks like a good deal it really isn't. Get the right coverage (rather than less coverage) and pay the right disability insurance premium. Return of premium raises the stakes for the disability insurance company - and that's why you will either pay more upfront, or get less coverage.
This is a fairly unusual rider on a policy.
Disability Insurance - What does "Waiver of premium" provision mean?
This clause means that you do not have to pay premiums on the disability insurance policy after you're disabled for 90 days.
This actually makes sense. If you are disabled (and not making money) you don't want to have to be paying you...