Acquiring private disability insurance with pre-existing conditions can be challenging, but options are available. One such option is Assurity’s graded disability insurance (DI) product, which is designed to accommodate individuals with pre-existing conditions.
Understanding Assurity’s Graded DI Product
- Gradual Benefit Increase:
- First Year: Pays 35% of the non-graded benefit amount for sickness in the first policy year, leading to total disability.
- Second Year: Pays 70% of the non-graded benefit amount for sickness in the second policy year, leading to total disability.
- After Two Years: Pays the full non-graded benefit amount for injury or sickness leading to total disability.
- Injury vs. Sickness Coverage:
- Provides full benefits for injuries after the policy is in effect, with graded benefits for sickness.
- Designed for Those with Pre-Existing Conditions:
- This product is tailored for inDIviduals who may have difficulty obtaining standard DI due to their health history.
Steps to Obtain Disability Insurance with Pre-Existing Conditions
- Explore Specialized Products: Look for insurance providers like Assurity that offer specialized products for those with pre-existing conditions.
- Understand the Policy Terms: Carefully review the terms of graded DI products to understand how benefits are paid out over time, especially in relation to pre-existing conditions.
- Consult with an Insurance Specialist: Speak with an insurance agent or financial advisor who can guide you through the options and help you understand the specifics of policies like Assurity’s graded DI.
- Be Transparent About Your Medical History: When applying for DI, be upfront about your pre-existing conditions to ensure you get a policy that accurately reflects your health status.
- Consider Additional Coverage: If you have been denied traditional DI, explore if there are supplemental or alternative policies that might offer some level of coverage.
For those with pre-existing conditions seeking disability insurance, options like Assurity’s graded DI product can provide a solution. These policies are designed to offer coverage that increases over time, accommodating the increased risk associated with pre-existing health issues. It’s important to thoroughly understand the terms and consult with professionals to find the most suitable coverage for your situation.
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