The selection of appropriate disability income insurance is important. In many instances, professionals simply do not have the time and/or the knowledge to evaluate the many available insurance policies.
Treloar and Heisel, Inc., as administrators to more than 14,500 professionals, has assumed an important role in the review and recommendation of insurance policies suited to your professional needs. This policy is available to members of the Associations listed on this website at a lower rate than if you purchased it on your own. The discount is subject to Home Office approval.
Treloar and Heisel, Inc. recommends disability income insurance policy for the professional. The policy provides benefits for both total and partial disability. Benefits for partial disability are available by rider at additional costs. Additional riders permit the professional to tailor the policy to his/her personal needs and are available for an additional cost.
Treloar and Heisel offers the policy underwritten by Massachusetts Mutual Life Insurance Company (MassMutual). We encourage your thoughtful consideration of this important insurance policy.
This is a summary only of key featured, not a policy. If a policy is issued, the terms of the policy will control. In the event of a discrepancy, policy language will prevail.
Non-Cancellable and Guaranteed Renewable to Age 65
As long as premiums are paid when due, your policy is renewable to age 65. Also, premiums cannot be increased, benefits cannot be reduced and no restrictive riders can be added until the first premium due date after your 65th birthday. The policy does contain a waiting period. This is the period immediately following the start of disability during which benefits do not accrue.
Definition of Total Disability
The insured is totally disabled when he/she cannot perform the main duties of his/her occupation due to an injury or sickness, and is not working in any other occupation. The insured must be under a doctor's care. Note that the definition of total disability may vary by state. Benefits may be payable under the Extended Partial Rider if the insured works in another occupation or suffers a loss of income in their regular occupation.
Own Occupation Rider**
Liberalizes the definition of total disability so that benefits will not be reduced due to a disability you are unable to work in your occupation and return to work in another occupation.
Extended Partial Disability Benefits Rider**
No prior total disability is necessary for partial benefits to be payable under this rider. There must be a demonstrated relationship between the loss of income and the current disability. Monthly payments will be based on the insured's loss of income and begin to accrue following the waiting period for Partial Disability. To satisfy the Waiting Period for Partial Disability, the insured must be partially disabled and/or totally disabled throughout the Waiting Period. After the completion of the Waiting Period, a Partial Disability benefit will be paid. During the first 12 months of disability the benefit for partial disability will never be less than 50% of the Partial Disability monthly benefit. Beginning with the 13th month of disability, if the insured's loss of income exceeds 20% of the pre-disability income, the monthly benefit will be based on the ratio of loss of income to pre-disability income. If income loss exceeds 75% of pre-disability income, 100% of the monthly benefit will be paid.
Period for which Benefits are Payable
The maximum Benefit Period for total and partial disability is to age 67 if income benefits begin before age 64 (or 36 months if income benefits begin at age 64, but after age 65).
Future Insurability Option Rider (FIO)**
Under this rider, you may increase the amount of your monthly disability coverage as your income increases before a disability. At issue a "Pool" amount is chosen which will be used during annual option periods to purchase new disability coverage. Increases to coverage using the FIO rider require financial underwriting only.
Cost of Living Adjustment Rider (COLA)**
The purpose of the COLA rider is to help benefits keep pace with inflation in the event of a disability lasting longer than 12 months. Increases start with the second year of a disability or the waiting period, if longer. Increases are compounded at 3 percent. There is no limit to the number of adjustments that may be made under the COLA rider.
Catastrophic Benefit Rider**
This rider provides benefits that cover up to 100% of pre DI earned income when combined with a base policy in the event of a catastrophic disability. Monthly benefits is available up to $8,000 per month. Benefits are payable if the insured has (1) Presumptive Disability, and (2) The inability to perform 2 of 6 activities of Daily Living or has a severe cognitive impairment.
This rider provides benefits to help cover pension contributions that would have been made to eligible qualified defined contribution plans had the insured remained healthy. Retireguard® is a total disability only benefit. A trust is established and benefits are paid to the trust to be invested in funds chosen by the insured. When the insured reaches age 65 or 67 (depending on the benefit period chosen/available) the trust assets are distributed to the insured.
Automatic Additional Benefit Increase Rider (AABI)
The AABI rider allows the automatic annual purchase of benefits without evidence of medical or financial insurability (insured cannot be disabled). The insured may elect the AABI rider at the time of application or at any option date while the policy is in force. Evidence of insurability is required to add this rider after issue.
Waiver of Premiums **
Premiums are waived after 90 days of total disability (or partial disability if Partial disability rider is purchased). Premiums are waived for as long as the insured remains disabled. Any premiums paid during that 90-day period will be refunded.
Dividends, if any, may become payable at the end of the fifth policy year. In CA, FL and PR dividends may become payable at the end of the 6th policy year. Dividends are not guaranteed and are based on the claims paying ability of the insurance company.
**These riders are available at an additional cost.