DISABILITY PRODUCTS
AIG
AIG Secure Income Plus
- A new non-cancelable disability income product with a return of premium feature. Provides income to your clients when they need it most!
- Definition of Total Disability: 5-year own occ (classes 4A & 3A) and 2-years own occ (classes 2A & A)
- Waiver of Premium benefit after 90 days of disability
- Partial Disability Rider available as optional benefit
- Return of Premiums
100% return of premium at age 65 less any benefits paid
Partial return of premium with scheduled % through age 65; 10% return after the third policy year
- Flexible Coverage Options
Three benefit periods - 2 years, 5 years or to age 65
Choice of up to four elimination periods - 30, 60, 90 and 180 days
- Sex distinct rates
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- Non-medical underwriting for up to $2,500 monthly benefit (through age 45)
- Policy Form Number: 02114
Principal
Disability Income
- Disability Income Insurance (HH750) - Overview
Disability Income (DI) insurance helps replace a portion of your income lost due to a disability. The policy is non-cancelable and guaranteed renewable to age 65, and conditionally renewable for life. It can be tailored to fit your client's needs. DI provides an excellent funding method for Executive Bonus and Salary Continuation programs.
- Disability Income Insurance (HH641 & HH644) - Overview
Disability income (DI) insurance helps provide income during a disability. The policy is non-cancelable and guaranteed renewable to age 65.
5A, 4A and 3A clients may choose between two versions of disability income - level or step-rate premium. HH641 is our level premium policy. HH644 is our step-rate premium version of the HH641 level premium policy.
The step-rate policy has a lower initial premium (usually 20-30% lower than the level premium version). Then the rates "step-up" after the later of six years or age 31. The stepped-up premium rate is approximately 95% of the attained age level premium rate. Step-rate policies are best suited for young professionals who are just beginning their careers and have a limited budget, but with great future earnings potential.
- Disability Income Insurance (HH643) - Overview
Disability income (DI) insurance helps replace income during a total disability. The policy is non-cancelable and guaranteed renewable to age 65.
2A and A occupation classes are eligible for a level premium policy and the HH643 is our level premium DI policy for these individuals.
Overheard Expense
- Disability Overhead Expense Insurance (HH702) - Overview
Overhead expense (OE) insurance is to reimburse a business owner for business expenses incurred during a disability. Our policy is designed for owners of small- and medium-sized businesses, whose personal service is key to the continued earning of business income.
- Disability Professional Overhead Expense Insurance (HH670) - Overview
Professional overhead expense (POE) Insurance is designed to reimburse a business owner for business expenses incurred during a disability. Our policy is designed for owners of small- and medium-sized businesses, whose personal service is key to the continued earning of business income.
- Business Overhead Expense Insurnace (HH678) - Overview
Business Overhead Expense (BOE) Insurance is designed to reimburse a business owner for business expenses incurred during a disability. Our policy is designed for owners of small- and medium-sized businesses, whose personal service is key to the continued earning of business income.
Buy-Out
- Disability Buy-Out Insurance (HH703) - Overview
Disability buy-out (DBO) insurance helps fund the money for the purchase of a disabled business owner's interest under a buy-sell agreement in the event of a long-term total disability. The policy is conditionally renewable with guaranteed premiums to age 65.
- Disability Buy-Out Insurance (HH673) - Overview
Disability buy-out (DBO) insurance helps fund the money for the purchase of a disabled business owner's interest under a buy-sell agreement in the event of a long-term total disability. The policy is conditionally renewable with guaranteed premiums to age 65.
MetLife
The following comparisons are provided as a brief overview of The Omni Portfolio. For MultiLife, issue age can exceed 59.
OMNI ADVANTAGE
- 6A to 2A (Individual Market)
- Noncancelable, guaranteed renewable to Age 65
- Conditionally renewable beyond Age 65 (base policy only with limited benefit period)
- Total disability protection with optional riders, such as COLA, guaranteed insurability, catastrophic disability, LTC-GPO, your occupation and residual disability coverage
- Maximum flexibility in premiums and coverage
OMNI SELECT
- 6A to 2A (MultiLife Market)
- Noncancelable, guaranteed renewable to Age 65
- Conditionally renewable beyond Age 65 (base policy only with limited benefit period)
- Total disability protection with optional riders, such as COLA, guaranteed insurability, catastrophic disability, LTC-GPO, your occupation and residual disability coverage
- Maximum flexibility in premiums and coverage
OMNI ESSENTIAL
6A to B (Individual and MultiLife Market)
- Guaranteed renewable to Age 65
- Total disability protection with optional riders, such as COLA, guaranteed insurability, catastrophic disability, LTC-GPO, and residual disability coverage (2A-6A)
- Provides basic disability protection for the blue-collar market (A/B)
OMNI ADVANTAGE
6A to 2A (Individual Market)
- Noncancelable, guaranteed renewable to Age 65
- Conditionally renewable beyond Age 65 (base policy only with limited benefit period)
- Total disability protection with optional riders, such as COLA, guaranteed insurability, catastrophic disability, LTC-GPO, your occupation and residual disability coverage
- Maximum flexibility in premiums and coverage
OMNI SELECT
6A to 2A (MultiLife Market)
- Noncancelable, guaranteed renewable to Age 65
- Conditionally renewable beyond Age 65 (base policy only with limited benefit period)
- Total disability protection with optional riders, such as COLA, guaranteed insurability, catastrophic disability, LTC-GPO, your occupation and residual disability coverage
- Maximum flexibility in premiums and coverage
OMNI ESSENTIAL
6A to B (Individual and MultiLife Market)
- Guaranteed renewable to Age 65
- Total disability protection with optional riders, such as COLA, guaranteed insurability, catastrophic disability, LTC-GPO, and residual disability coverage
- Provides basic disability protection for the blue-collar market
EXPENSE PLUS 6A to 2A
- Noncancelable, guaranteed renewable to Age 65
- Built-in Residual Definition of Disability
- Conditionally renewable to Age 70.
- Provides a reimbursement of certain ongoing business overhead expenses as incurred
BUY-SELL 6A to B
- Conditionally renewable with premiums guaranteed to Age 65
- Protects a business if an owner/partner becomes disabled
- Provides lump sum and/or monthly benefit buyout options; as well as transfer of coverage and professional fee reimbursement
MORTGAGE COMP* 6A to A
- Guaranteed renewable for policy term
- Provides affordable mortgage protection
PRIORITY PLUS 6A to 2A
- Annually renewable, guaranteed renewable to Age 65
- Conversion privilege, before age 61, to a level premium policy
- Provides affordable “no frills” protection for clients with a restricted budget
- Optional residual disability coverage
UnumProvident
Income Series
This brief summary presents the general coverage provided by UnumProvident’s Income Series (policy 600 or 601). The policy or its provisions may vary or be unavailable in some states, and has exclusions and limitations which may affect any benefits payable. See the actual policy or your UnumProvident marketing consultant for specific provisions and details of availability.
Elimination Period Choices
60, 90, 180 or 365 days
Benefit Period Choices
2 years, 3 years, 5 years, To Age 65 or To Age 67
Renewal
All packages are available as either Non-Cancellable To Age 65 (NC) or Guaranteed Renewable To Age 65 (GR).
With NC, as long as your premiums are paid on time, your policy cannot be cancelled and your premiums are guaranteed until you reach age 65 (unless you increase the benefit of your original policy). After age 65, your policy is conditionally renewable for life, as long as you are employed full-time.
With GR, as long as your premiums are paid on time, your policy cannot be cancelled and your premiums cannot change unless a rate change is approved for an entire class of customers.
You may conditionally renew your policy after age 65 as long as you continue to work full time. During that time, for disabilities occurring between ages 65 and 75, the maximum benefit period will be 24 months. For disabilities occurring after age 75, the maximum benefit period will be 12 months.
