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INCOME REPLACEMENT
These individual and portable policies are designed to provide you with an ongoing stream of money if you become hurt or sick and can’t continue to work (or have a reduced capacity to work). The benefits offered through this program are provided on a tax free basis. These policies offer you the ability to lock in the rates and the carrier does not have the right to change the premiums or terms of coverage until you reach the age of 65 (except for non-payment of premiums).
These individual contracts allow you to choose most of the terms of coverage to design a level of protection that fits your budgets and personal income protection needs. This policy can be designed to co-ordinate with policies that you may already maintain and you may keep this policy even if you end your affiliation with the Hawaii IPA.
To request a personalized proposal based on your current overhead obligations please click here. To speak with a representative please call 800 214 7039 or email at proposals@insmedinsurance.com.
| Maximum Monthly Benefits |
Up to $10,000 per month (based on income and other coverage you maintain). |
| Participation with Other Coverage |
Up to $15,000 per month with personal policies or $20,000 per month with an existing group LTD contract. |
| Maximum Income Replacement Percentage |
Up to 60% on a stand alone basis (not to exceed the maximum monthly benefit) or 75% in coordination with a group LTD contract. |
| Definition of Total Disability |
Inability to the substantial and material duties of your occupation and are not working in another occupation. |
| Residual Disability (cost rider) |
Proportionate benefits are available if you are not totally disabled; and solely due to injury or sickness you are able to perform some, but not all of the substantial and material duties of your occupation and you incur a loss of earnings. |
| Maximum Benefit Period |
Age 65. |
| Future Increase Opportunities |
Automatic benefit increases are available to help keep your policy up-to-date. |
| Underwriting Requirements |
Medical exam, application and financials. |
| Policy Rates |
Rates vary based on such factors as age, occupation, smoking status and benefit amount. |
| Premium Discount |
10% Association discount.
10% mental nervous discount (required)*
*Discount may change, depending on elected benefit period. |
| Maximum Age Availability |
Age 60. |
*DI Retirement Security is issued as a non-cancelable, guaranteed renewable, individual disability income insurance policy. It is not a pension or retirement program or a substitute for such as program, DI Retirement Security is not available for government employees, individuals with Group LTD coverage that includes a "retirement supplement," or anyone who is over insured based on Principal Life's current issue and Participation guidelines. It may not be available or the benefit amount may be reduced for certain occupations if there is an existing DI coverage with lifetime benefits. Additional underwriting guidelines may apply. DI Retirement Security is currently not available in CA.
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