Page 5 - MGC_group_TAA_Final_9-1-2017.pdf

FEATURES
BASE LTD
requires std enrollment
ENHANCED LTD
DEFINITIONS
DEFINITION OF DISABILITY
Own occupation
Own occupation throughout the benefit period: A sickness or injury prevents you from performing the material and substantial duties of your regular occupation.
EARNINGS LOSS REQUIREMENT
ELIMINATION PERIOD
MAXIMUM BENEFIT AMOUNT
20%
1%
Percentage of lost income, based on indexed monthly earnings, due to the disabling sickness or injury.
90 Days
The length of time of continuous disabiity which must be satisfied before you are eligible to receive benefits
60% of gross 1099 income
Up to $12,500 per month
60% of gross 1099 income
Up to $15,000 per month
The percentage paid of your average monthly earnings based on your gross annual 1099 earnings into your agency (whether you are a corpoation, LLC or individual) during the two full calendar years immediately prior to the day your disability began, up to the maximum allowable amount, based upon loss of income.
This is a tax free benefit provided you pay your premiums with post tax dollars. If the premiums are paid with pretax dollars you will incur a taxable consequence.
PRE-EXISTING CONDITION LIMITATION
MENTAL & NERVOUS LIMITATION
DRUG & ALCOHOL LIMITATION
SURVIVOR BENEFIT
MAXIMUM BENEFIT DURATION
3 months prior / 12 months after
12 months in your lifetime
This benefit will be equal to 3 times your last gross monthly benefit payment.
Disabled before age 60, to age 65. If disabled at age 60 and later see the chart below.
You have a pre-existing condition if you received medical treatment, consultation, care or services; taking prescribed medicines, being prescribed medicines and/ or receiving diagnostic measure or where symptoms were present to the degree that and ordinarily prudent person would seek treatment; within the 3- months just prior to your effective date of coverage; and the disability begins in in the first 12 months after your effective date of coverage.
If your disability is caused or contributed to by mental illness, substance abuse or special conditions, you will be paid a monthly payment up to the maximum lifetime time period.
Upon proof of your death, after you have been disabled for at least 180 consecutive days and while you were receiving a monthly payment, you will be a paid a one- time lump sum benefit to your eligible survivor.
Your duration of benefits is based on your age when the disability occurs.
MAXIMUM PAYMNET DURATION
Social Security Normal Retirement Age
Social security normal retirement age (SSNRA) means the age at which you are eligible for social security full retirement benefits.
AGE AT DISIBILITY
less than age 60 60
61
62
63
MAXIMUM PAYMENT DURATION
to age 65
but not less than 60 months
60 months 48 months 42 months 36 months
64
65
66
67
68
69 and over
30 months 24 months 21 months 18 months 15 months 12 months
5