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1 Basics of Disability Income Insurance Individual Disability Income Insurance Its Value, Its Components & Factors Involved in Pricing For Continuing Education Training Purposes Only. Not for Use with the General Public. CRN This material is for continuing education training purposes only. It is not intended to be a solicitation or offer of any company's specific product or policy. Disclosure The information provided on taxation of disability income benefits is not written or intended as specific tax or legal advice and may not be relied on for purposes of avoiding Federal tax penalties. MassMutual, its employees and representatives are not authorized to give tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel. 2 1

2 Agenda The Value to your Clients Policy structure Pricing of a DI policy 3 The VALUE to Your Clients Helps to protect one of their most valuable assets The ability to earn an income! 4 2

3 Most People Insure People generally insure their cars and homes 5 Most People Insure Other large purchases Many purchase life insurance 6 3

4 One of Your Most Valuable Assets IS Your Ability to Earn an Income Current tage Annual lincome Potential Earnings To Age 65* 35 $80,000 $2,400, $120,000 $2,400, $240,000 $2,400,000 *Does not include salary increases. 7 The VALUE to Your Clients Helps protect one of their most valuable assets Core component of a financial strategy 8 4

5 Complete the Picture with DI Insurance Life Insurance Health Insurance LTC Insurance DI Retirement Income Disability income insurance completes the puzzle! 9 The VALUE to Your Clients Protects one of their most valuable assets Core component of a financial strategy A very REAL need 10 5

6 Is Your Client at risk? One in every 4 twenty-year olds will become disabled before reaching age 67 1 More than two-thirds of Americans are now living paycheck to paycheck 2 69% of private sector workforce has no long term disability insurance 1 1 Social Security Basic Facts, Feb., Reuters, American Payroll Association Survey released 9/12/12 11 Health Insurance pays your medical bills. What about your other bills? Health Insurance helps cover: Hospital bills Doctor s bills Medications Other medical treatment You and Your Family Disability Income Insurance provides benefits that can be used to help pay for basic expenses: Food Clothing Housing Transportation Insurance premiums Retirement strategy College education Health Insurance Disability Income Insurance 12 6

7 The VALUE of Disability Income Insurance The Value to your Clients Helps protect ability to earn a living by insuring a portion of a client s income 13 Disability Income Insurance: Industry Concepts What DI insurance is NOT What it IS Common causes of disabilities Morbidity DI Policy components Underwriting and pricing 14 7

8 DI Insurance is NOT Health Insurance Workers Compensation Life Insurance 15 What is Disability Income Insurance? 16 8

9 What does the word Disability mean to YOU? 17 Disability defined. In broad terms, total disability means you are unable to perform your job due to a sickness or injury. Disability definitions vary by state - for specifics, please refer to the policy issued to your client. 18 9

10 DI Insurance IS: Designed to replace a percentage of your income if you are unable to earn an income due to a sickness or injury for an extended period of time Generally not 100% due to: Over-insurance Return to work incentive Malingering 19 What are the most common causes of disability? 20 10

11 Common Causes of Disabilities According to the Council for Disability % of Total Claims Awareness 2012 Long-Term Disability Claims Review, the following were the leading causes of new disability claims in 2011: Musculoskeletal/connective tissue disorders 29% of new claims Nervous System-Related disorders 8% of new claims Cardiovascular/circulatory disorders 9% of new claims Cancer 14% 21 Morbidity 22 11

12 DI Policy Components How will I qualify for benefits? What if I return to work? When will I receive benefits? How much do I qualify for? How long will I receive benefits? How much does the DI insurance policy cost? 23 DI Policy Components How will I qualify for benefits? (Definition of Disability) What happens to my benefits if I return to work? 24 12

13 DI Policy Components When will I receive benefits? (Waiting Period/Elimination Period) $ WHEN will I receive benefits? (Waiting Period / Elimination Period*) Age 65 Time *In CA, the length of time before benefits are paid is called the elimination period. 25 DI Policy Components How much will I qualify for? (Monthly benefit amount) $ WP Age 65 Time 26 13

14 DI Policy Components How long will I receive benefits? (Benefit period) M on $ t h ly b e n WP e fi t Age 65 Time 27 DI Policy Components How much does the DI insurance policy cost? Benefit period - M on $ WP/EP t h ly b e n e fi t DI Insurance POLICY Age 65 Time 28 14

15 What other major factors determine cost? Occupation 29 What other major factors determine cost? Components of Occupational Classification Nature of the business, and exact daily duties Hazards inherent to the occupation Usual working conditions Education, training, and experience Number of employees Age The company s and the industry s experience with the occupation Part-time employment Seasonal occupations Hazardous occupations which are uninsurable Unemployment or livelihoods which are not dependent on earned income Occupations performed in the home or on residential property 30 15

16 What other major factors determine cost? Gender Age Amount of coverage Issue Limit, Participation Limit WP/EP;BP Riders Tobacco status State 31 What other major factors determine cost? UW Ratings for health conditions Discounts Modal Factors Level/Graded Premium 32 16

17 What else drives DI insurance underwriting and pricing? 33 What other major factors determine cost? DI Insurance Policy Guaranteed Renewable DI Insurance Policy Non-Cancelable* Must continue to offer to age 65 BUT Rates can change for an entire class of policyholders, with regulatory approval Provisions CAN NOT change Generally, must continue to offer to age 65 AND Rates CAN NOT change Provisions ii CAN NOT change *Also referred to as Non-cancelable and Guaranteed Continuable 34 17

18 Summary Value of DI insurance to clients Helps protect one of their most valuable assets Policy structure Basic components of a DI policy Pricing Cost factors 35 Questions? 36 18

19 Thank You! Massachusetts Mutual Life Insurance Company, Springfield, MA All rights reserved. MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company For (MassMutual) Continuing and Education its affiliated Training companies Purposes and sales Only. representatives. 38 Not for Use with the General Public. 19

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