Page 6 - MI New Hire webinar

SHORT TERM +
LONG TERM
DISABILITY
STAFF ONLY // GUARANTEE ISSUE FOR NEWLY HIRED STAFF
Your paycheck is your Largest ASSET. Do you Insure it?
Every day, people are required to face the unexpected. If you can’t work because of an illness or injury, disability income insurance helps replace a portion of your income. It lets you focus on your recovery instead of worrying about your finances.
DEFINITION OF DISABILITY EARNINGS LOSS REQUIREMENT BENEFIT AMOUNT
MAXIMUM BENEFIT AMOUNT ELIMINATION PERIOD PRE-EXISTING CONDITION LIMITATION MENTAL & NERVOUS LIMITATION DRUG & ALCOHOL LIMITATION MAXIMUM BENEFIT DURATION MATERNITY
SHORT TERM DISABILITY COVERS COMMON DISABILITIES AND CONDITIONS. SUCH AS MINOR SURGERIES, PREGNANCY, BACK STRAIN, KNEE INJURIES, ARTHRITIS, PNEUMONIA, SUBSTANCE ABUSE, AND MENTAL/ NERVOUS CONDITIONS.
HOW LIKELY IS A DISABILITY?
1 IN 7 WILL HAVE A DISABILITY THAT LASTS MORE THAN 5 YEAR
SHORT & LONG TERM DISABILITY
SHORT TERM
OWN OCCUPATION
20%
60% OF GROSS MONTHLY INCOME
LONG TERM
2 YEAR OWN OCCUPATION
20%
60 % OF GROSS MONTHLY INCOME
$1,000 WEEKLY MAX
$7,500/MONTHLY MAX
7 DAYS ACCIDENT/7 DAYS SICKNESS
3/6
NO LIMITATIONS
NO LIMITATIONS
180 DAYS
3 / 12
24 MONTHS
24 MONTHS
26 WEEKS
IF DISABLED BEFORE AGE 62, TO SSNRAIF DISABLED AT AGE 62 AND ABOVE, RBD (REDUCED BENEFIT DURATION)
5 WEEKS
N/A