Consumer Finance Chapter 9: Disability and long-term care insurance

who needs disability insurance anyone who relies on income from a job
why are so many people without disability insurance price
most policies define people as disabled if what? they cant perform the duties of their own occupation or perform the duties of any occupation for which they are reasonably suited
short-term disability (STD) a disability policy that provides benefits over a given period, generally from 6 months to 2 years
long-term disability (LTD) a disability policy that provides benefits until the indiv. reaches an age specified in the contract, generally 65 or 70, or for the insured’s lifetime
waiting or elimination period the period after the disability during which no benefits occurequivalent to a deductible in a health care insurance policy-1 month to 6 month waiting period-longer the period, the cheaper
waiver of premium provision a disability insurance provision that allows your insurance to stay in force should you become unable to work because of disability or illness
rehabilitation coverage a disability insurance provison that allows payments for vocational rehabilitation, allowing the policyholder to be retrained for employment
long-term care insurance insurance that’s aimed at covering the costs associated with long-term nursing home care, commonly associated with victims of stroke, alzheimer’s disease, or those who can simply no longer manage to live on their own
long-term care insurance is generally not available for who? those under 40 years of age

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