It is important to take into consideration that every disability income policy may have different features.
The following checklist will help you compare your current policies or one you may be considering:
- How is disability defined? Inability to perform your own job? Inability to perform any job?
- Does the policy cover accidents? Illness? Injuries?
- Are benefits available for total disability? For partial disability? For residual disability? Only after total disability?
- Are full benefits paid, whether or not you are able to work for loss of sight? Speech? Hearing? Use of Limbs?
- The maximum benefit will replace what percentage of income?
- Is the policy non-cancelable, guaranteed renewable, or conditionally renewable?
- How long must I be disabled before premiums are waived?
- How long will you continue to receive benefits after you are disabled?
- How many days must you be disabled before you can receive benefits?
- Does the policy offer an inflation adjustment feature? If so, what is the percentage rate of increase? Is there a maximum?