10.0 Disability Income

Learning Objectives

1. Explain the distinction between a Loss of Income policy and an Income Replacement policy.
2. Define the terms benefit period and elimination period in the context of disability insurance.
3. Describe the difference between coverage for own occupation versus any occupation.
4. Identify four common types of disability benefits.
5. Compare the features and characteristics of group short-term disability plans versus long-term disability plans.
6. Explain the special purposes and applications of disability income insurance.
7. Identify and describe the riders commonly associated with disability income policies.

Overview

The purpose of this chapter is to familiarize the student with the different types of Disability Income insurance products, including their key features, characteristics, and practical applications. The chapter also covers various policy riders that can be used to modify, enhance, or adjust the provisions of the base policy.