by johnm60a3 » Sun Sep 12, 2010 07:36 pm
I'm thinking of getting disability insurance for 3,600 per month in benefit. I went online and received a Lloyds of London quote. I have not been self-employed for two 1040 reporting periods yet, so I was able to get 60 months coverage, and I opted for a 90 day elimination period. However, there is a separate line item on the quote: Term of Insurance - 3 years. What does that 3 year "Term of Insurance" really mean?
Posted: Mon Sep 13, 2010 12:33 pm Post Subject:
What does that 3 year "Term of Insurance" really mean?
It either means your policy is being issued for a period of up to three years or your maximum benefit is limited to three years. Not enough information posted to give you a better answer.
However, on what basis would you expect to collect a benefit? If you have no provable income you will collect no disability benefit. Just because you pay a premium does not mean you can collect it. What definition of disability are they requiring? Any occupation or own occupation? Makes a big difference.
Why would you use Lloyd's when disability policies are quite available from US-based admitted insurers?
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