Masters, Mates & Pilots Disability A Disability Financial Planning Tool Personal Income Protection Specifically Designed For Eligible Participants of the Masters, Mates & Pilots Health & Benefit Plan Willis Insurance Brokers 12505 Park Potomac Ave, Ste 300 Potomac, MD 20854 (301) 530-5050 Contact: Angela Mitchell (301) 692-3032 (800) 456-3162
Masters, Mates & Pilots Are You Prepared For The Financial Impact That A Disability Can Cause? Disability can drain your family s savings and jeopardize your financial security. When you re disabled, you may not only lose your ability to earn a living, you could also lose your savings, your retirement funds and even your home. Backed by the financial strength of the world s oldest insurance organization, Lloyd s of London, a voluntary disability insurance program specifically designed for the Masters, Mates and Pilots Health & Benefit Plan is now available to you. This disability insurance program is being marketed to eligible active Health & Benefit Plan participants by Willis Insurance Brokers. With professional insurance agents available to answer questions and offer advise, Willis Insurance Brokers stand ready to assist. Purchasing disability insurance to protect your income is one of the most responsible decisions you ll ever make. Applying for coverage When you apply for coverage, you will be asked to complete an application, sign an authorization allowing underwriters to collect your medical information and to have a medical exam which includes, but may not be limited to the collection of a blood sample and a urine specimen. The cost of these underwriting requirements will be paid for by the underwriters. Your insurance agent with Willis Insurance Brokers will be there to assist you with this process.
Masters, Mates & Pilots The mechanics of a disability insurance policy A disability policy typically has the following components: An Elimination Period A Monthly Benefit Period A Monthly Benefit Amount Optional Policy Riders The Elimination Period: Think of the elimination period almost like a deductible. It is a period of time that you will elect when you apply for coverage in which no benefits are payable to you. It is a period of time that you will need to rely on your own source of funds to get you through your disability. The elimination period is called out in days. The choices available to you through this program are: 60 days, 90 days, 180 days or 365 days. The Monthly Benefit Period: Once you have completed your elimination period, the disability benefits are paid once a month. You may elect the number of months to which you would like to have this benefit payable. The choices are: 12, 24, 36, 48 or 60 months. The Monthly Benefit Amount: As much as one would like to replace 100% of their income, disability insurance does not work quite that way. The maximum income replacement is 65% of income. Therefore it is beneficial for you to try to achieve the highest level of income replacement as possible. You may purchase less than the 65% replacement if you wish, but you will have the chance to make that choice when you apply for this coverage. Optional riders Residual Disability: This optional rider would provide a partial monthly benefit if due to a disability you were suffering a loss of income of at least 15% from your previous income level, but you were not totally disabled. For example, perhaps your doctor advised you that you could go back to work, but you would need to cut back on your working hours worked. The residual benefit rider would provide a benefit which would be calculated based on your loss of income when comparing what you were earning prior to your disability and what you are currently earning. Cost of Living Adjustment (COLA): Inflation can eat up the spending power of your monthly benefit unless you have a COLA rider attached to your policy. The Cost of Living Adjustment Rider will automatically increase your monthly benefit based on the Consumer Price Index, but not to exceed 10% in any given year.
Special Features of the MM&P Plan Masters Mates & Pilots Premium discounts are offered to all eligible active Plan participants. Own occupation definition is included in the policy which means you would be considered totally disabled if you are not able to engage in your specific occupation even though you might be able to engage in another occupation. Waiver of premium provides relief from the burden of having to continue to pay your disability insurance premium during the time that you are disabled. Presumptive disability considers you to be totally disabled with full benefits payable and waiver of the elimination period if you lose your sight from both eyes, or your hearing from both ears, or the ability to speak, or the loss or loss of use of both hands, or the loss or loss of use of both feet, or one hand and one foot. Recurrent disability helps you when you have returned to work following a disability and you suffer from a recurrence of this condition within a six month period. The recurrence provision allows this to be considered a continuation of the previous disablement thus you will not have to satisfy a new elimination period. Transplant benefits will be available to you provided you have had the policy in force for at least six months and you decide to donate an organ from your body to another person, any disability as a result of this will be entitled to benefits. Rehabilitation benefits will be considered provided both you and underwriters determine that a rehabilitation program would be beneficial. Costs associated with such a program would be paid in addition to the monthly disability benefits. Survivorship benefits will be paid to your beneficiary if you are collecting total disability benefits and you die during that period of time. The beneficiary would receive three additional months of benefits as a way to help with the added costs and financial burden that death brings to a family.
Terms and Conditions (in part) * Masters Mates & Pilots Term of Insurance is the period of time that the policy is non-cancellable. During the term of insurance, the premiums cannot be changed, the policy cannot be cancelled and the terms of the policy cannot be altered by underwriters. At the end of the term of insurance, renewals are based upon evidence of insurance which may include new terms and premiums. Renewals are not guaranteed. Exclusions are certain conditions or events that are not covered by the policy. Following is a list of the policy exclusions: 1. Suicide or intentional self-inflicted Injury or poisoning; 2. Active participation in Terrorism or War; 3. Nuclear, biological or chemical exposure as a result of Terrorism or War; 4. While committing or attempting to commit a felony; 5. Mental or Psychiatric Disorders; 6. Taking of illegal drugs, or addiction or misuse of prescription or non-prescribed drugs; 7. Alcohol abuse or addiction, being under the influence of alcohol, as defined by the vehicle code of the state or province in which the offense has occurred; 8. Pre-existing Conditions as defined in the policy unless; it has been disclosed on the application, and the condition has not been specifically excluded from the policy by way of an exclusion endorsement; 9. Pregnancy or childbirth. Convenient Payment Options You will be given a choice of several different payment options and you may choose the one that best fits your budget. A single payment option is provided whereby you can pre-pay the entire term of insurance and be offered a significant premium discount. A three year term of insurance is offered a 10% discount and a five year term of insurance is offered a 20% discount. This discount is in addition to the Plan s 15% premium discount. Annual premiums may be paid on a direct bill basis whereby a premium notice reminder is sent to you each year, or you can elect to pay by credit card, or electronic fund transfer, or pay online. Monthly premiums may be paid through an electronic fund transfer, credit card or online. *The policy is the complete description of coverage.