Disability insurance for attorneys
business owners
You may be eligible for up to $2,000.00 in extra benefit per month if you can satisfy both requirements listed below.
You may also be eligible for a 15% discount on the premium payments if you meet these requirements.
- Business owners must own at least 20% of a business
- The business must have been financially successful for at least the last two years under the current ownership arrangement, as supported by appropriate business income documentation.
You may also be eligible for a 15% discount on the premium payments if you meet these requirements.
Built in features
The following list includes features that attorneys should demand in a disability income policy. If your policy is lacking any of these features, contact us immediately for a free quote and to get the protection you need.
- Own Occupation Definition of Disability - Own Occupation definition of disability which truly applies to all occupation classes, with attorney specialty language built into the contract. Absolutely necessary for Trial Attorneys.
- Unlimited Coverage for Mental Disorder and/or Substance Abuse - There are no coverage limitations on the benefits paid for disabilities caused by mental disorder or substance abuse. Many policies limit this coverage to two years.
- Compassionate Care Benefit - A monthly benefit is paid if the insured has a loss of earnings of 20 percent or more while caring for a loved one with a serious health condition. A loved one includes a parent, a spouse or domestic partner, or a child (including an adopted child or stepchild of a spouse or domestic partner).
- Residual Disability Benefit - This benefit pays a residual disability benefit if the insured is not totally disabled but is disabled enough to incur at least a 20% loss of income while the insured works but is not able to do all of the duties, or is able to do all duties but not for as long a time or as effectively as before the disability. Included with this benefit is a Recovery Benefit that pays a lump sum amount when the insured returns to work at least 30 hours per week immediately after a period when residual disability benefits were paid.
- Partial Disability Benefit - If the insured is partially disabled, the insurance company will pay 100 percent of the basic monthly benefit for the first six months regardless of the income the insured earned while returning to work. Afterward, they pay a portion of the benefit based on the amount of income lost that month.
The previous list is absolutely necessary for attorneys because of the unique skill-set you posses and amount of schooling you've undergone to advance in your career. The following list should also be found in your current policy.
- Automatic Increase Benefit - For individuals under age 60, the policy's basic monthly benefit will be raised by 4 percent each year during the increase period without evidence of insurability.
- Renewable for Life (Renewal Option) - With the Renewal Option, the policy owner may ask to continue the policy beyond its termination date if the policy owner is working at least 30 hours per week and is not disabled at the time of the request. Certain limitations apply.
- Total Disability Benefit - The policy pays the basic monthly benefit if the insured is totally disabled. Totally disabled means the insured is unable to perform the substantial and material duties of a regular occupation, and the insured is under the care of a physician and is not working in any other gainful occupation. Regular occupation is the occupation at the time disability begins.
- Presumptive Total Disability Benefit - The insured is eligible for the total disability benefit if an injury or illness results in loss of speech, hearing, sight or the use of two limbs, as defined by the policy.
- Rehabilitation Benefit - If the insured participates in a rehabilitation program to prepare for returning to work, this benefit can pay for part or all of the costs for up to 36 months. And if the insured returns to work part-time or with limited duties while in the rehabilitation program, the Rehabilitation Benefit can also help the insured to continue to receive the maximum monthly benefit amount.
- Survivor Benefit - If the insured dies while receiving total disability benefits, the policy pays the basic monthly benefit to the owner or owner's estate for up to three months after the insured's death.
- Waiver of Premium Benefit - The insurance company will waive all premiums due under the policy while disability or recovery benefits are payable.
- Cosmetic or Transplant Surgery Benefit - The insurance company will pay a monthly benefit if the insured becomes totally disabled more than six months after the policy's effective date because of a sickness or injury caused by cosmetic or transplant surgery.
optional benefits
Non-cancelable
The Non-cancelable Policy Rider guarantees that premium rates cannot be changed prior to the termination date of the policy.
This rider changes the policy and riders to non-cancelable and guaranteed renewable. As long as the premium is paid by the end of each grace period, the insurance company cannot change the policy or its premium rates until the termination date.
The Non-cancelable Policy Rider guarantees that premium rates cannot be changed prior to the termination date of the policy.
This rider changes the policy and riders to non-cancelable and guaranteed renewable. As long as the premium is paid by the end of each grace period, the insurance company cannot change the policy or its premium rates until the termination date.
Future Purchase Option
This rider provides the opportunity to increase benefits without medical underwriting. Increases may occur on each policy anniversary or, subject to specific conditions, increases may take place off anniversary.
This rider allows benefit increases to be purchased subject only to financial underwriting requirements. The Option Pool Amount is the total amount of increase that can be purchased under the rider. The owner may apply for up to a specified portion of the pool, according to attained age and subject to financial qualification
This rider provides the opportunity to increase benefits without medical underwriting. Increases may occur on each policy anniversary or, subject to specific conditions, increases may take place off anniversary.
This rider allows benefit increases to be purchased subject only to financial underwriting requirements. The Option Pool Amount is the total amount of increase that can be purchased under the rider. The owner may apply for up to a specified portion of the pool, according to attained age and subject to financial qualification
Indexed Cost Of Living
This rider provides for an increase to the monthly benefit payment during a prolonged period of disability based on changes to the Consumer Price Index.
The Indexed Cost of Living Benefit Rider increases Disability benefit payments by an indexed percentage amount at each anniversary of disability for which a benefit is payable. The monthly benefit amount is a percentage of the base amount for Total or Partial Disability. The percentage applied is based on the average annual change in the Consumer Price Index for All Urban Consumers (CPI-U) subject to a cap of 3%. The benefit will not decrease even if the CPI-U decreases. The owner also has the option, on recovery from disability, of purchasing the benefit increases provided by the rider during disability.
This rider provides for an increase to the monthly benefit payment during a prolonged period of disability based on changes to the Consumer Price Index.
The Indexed Cost of Living Benefit Rider increases Disability benefit payments by an indexed percentage amount at each anniversary of disability for which a benefit is payable. The monthly benefit amount is a percentage of the base amount for Total or Partial Disability. The percentage applied is based on the average annual change in the Consumer Price Index for All Urban Consumers (CPI-U) subject to a cap of 3%. The benefit will not decrease even if the CPI-U decreases. The owner also has the option, on recovery from disability, of purchasing the benefit increases provided by the rider during disability.
Catastrophic Disability
The Catastrophic Disability Benefit Rider pays a monthly benefit, in addition to the basic monthly benefit, if the insured is unable to perform two or more activities of daily living without assistance, has a severe cognitive impairment, or is presumptively totally disabled.
Activities of daily living include: bathing, continence, dressing, eating, toileting and transferring. “Transferring” is moving into or out of a bed, chair, or wheelchair, with or without adaptive devices. Payments under this benefit will be in addition to any other payment made under this policy.
The Catastrophic Disability Rider is called Activities of Daily Living (ADL) Disability Benefit Rider in Georgia.
The Catastrophic Disability Benefit Rider pays a monthly benefit, in addition to the basic monthly benefit, if the insured is unable to perform two or more activities of daily living without assistance, has a severe cognitive impairment, or is presumptively totally disabled.
Activities of daily living include: bathing, continence, dressing, eating, toileting and transferring. “Transferring” is moving into or out of a bed, chair, or wheelchair, with or without adaptive devices. Payments under this benefit will be in addition to any other payment made under this policy.
The Catastrophic Disability Rider is called Activities of Daily Living (ADL) Disability Benefit Rider in Georgia.