BROCHURE For
The  xecutive 400
Disability Insurance Plan
Underwritten
by Lloyd's of London
If you were sick or had
an accident and couldn't work,
how long would your employer keep you on the payroll?
How many paychecks could you miss before you used up your savings?
The Executive 400 Disability Insurance is a program that has many
uses. It provides excess coverage over and above domestic disability plan's issue and
participation limits. It is ideal for a key executive who may need more personal
disability or business disability insurance. issue and participation limits are up to 65%
of average income. This plan can be layered on top of any other coverage in force.
Capitalized lump sum or monthly benefit payments are available. Optional Residual and cost
of Living Adjustment Riders may be added.
Uses: High-Limit Personal
Disability, Excess Disability, Income Replacement, Business Overhead Expense, Buy-Sell
Funding, Buy-In Funding, Key Person coverage, Bank Loan Indemnification, Contract
Agreement are among the most common uses.
Monthly
Disability Benefits |
Proposed Use of
This Insurance:
 Personal
Disability Buy-Sell Salary Continuation Key Person
Overhead
Expenses Contract Guarantee Loan Indemnification
Monthly Benefits are payable while
Totally Disabled or Residually Disabled, if applicable, beginning the first day following
the Elimination Period and for as long as the Benefit Period for each disability.
Special Features:
 Total Disability Monthly Benefits are payable when, due
to sickness or injury, you cannot perform the substantial and material duties
of your regular occupation and you are under the regular care of a legally
qualified physician.
Presumptive Disability benefits will be paid for the maximum
benefits period even if you are able to return to your own or any
other occupation. Benefits will be paid should you
lose the use of both hands, both feet, one hand and one foot,
the sight in both eyes, hearing in both ears, or the ability to speak. The medical care
requirements and the elimination period will be automatically waived.
Recurrent Disabilities
resulting from the same cause or causes are considered a new claim with
a new benefit period if you have
returned to your regular occupation, full time, for six months or longer.
Transplant Benefit means
that Total Disability benefits will be paid for disability following surgery if
you donate an organ from your body to another
person. Benefits will be paid as a sickness benefit. This Benefit is applicable after the
certificate has been in force for six months or longer.
Options:
Optional
Residual Disability Rider Benefits are payable when you are engaged
in your regular
occupation, or
another occupation, and you experience reduced income of 20% or more,
due to a disability.
The benefit amounts will be calculated by multiplying the Month Benefits
Amount
provided by this Certificate
by the percentage of reduced income compared to the average monthly
earned income received during
the twelve month period preceding the onset date of the disability.
Optional Cost Of Living
Adjustment (COLA) will automatically increase the monthly
benefit
amount based upon the
consumer Price Index (CPI), but not to exceed 10% per year.
Lump
Sum Disability Benefits |
Proposed Use of This
Insurance:
Personal Disability Buy-Sell Salary Continuation Key Person
Overhead Expenses Contract
Guarantee Loan Indemnification
The Principal Lump Sum Benefit is
payable at the expiration of the specified elimination period.
Special Features
This is not an aggregate policy! This benefit is payable,
in addition to and not reduced by,
any other
disability benefits provided by this or any other plan.
The Principle Sum Benefit will be paid to
you or to a designated loss payee, trust or annuity
carrier.
You may elect to receive the Benefit in any one of the following ways:
1) Single payment
2) Monthly benefits for a certain period of time or to a prescribed age.
3) Monthly benefits for life
4) Interest only for life with Principal Sum paid to beneficiaries at the time of your
death.
Simple
Arbitration is utilized should your physician and our physician not be able to
agree that
you are
permanently totally disabled. Your physician and our physician shall name a third
physician
to make a
decision on the matter which shall be final and binding.
Conditions:
Disability must result from an injury or sickness which first diagnosed or
incurred and which
results in a loss beginning while the certificate is in force.
You must have been totally disabled for the elimination
period and at the end of such period you
are
determined by competent medical authority to be unable to resume the material duties of
your
regular occupation and that you have suffered a career-ending disability.
Definitions:
Sickness means disease or illness which is first diagnosed
and results in a disability beginning
while the Certificate
is in force.
Injury means
accidental bodily injury sustained and which results in a disability beginning while the
Certificate is in force.
Specified Occupations:
This is a Specified Occupation Plan. It will
terminate automatically if you change from the occupation in which you were engaged in at
the time the plan was issued, unless an agreement has been obtained in writing from the
underwriters and any additional premium required by the underwriters has been paid. The
sole liability of the underwriters in the event of an occupation change shall be return on
a pro-rata basis any unearned premiums paid for the balance of the plan term.
Term Of Insurance:
The Certificate of insurance is issued for periods
of insurance ranging from one (1) to three (3) years in duration. It is contemplated that
the plans will be renewed, however, the underwriters reserve the right to refuse to renew
the certificate or to change the premium rates in renewal of the Certificate. A statement
of good health may be required by the underwriters for consideration of renewal.
Non-renewal by the Insurer will be without prejudice to any claim in connection with a
loss commencing while this plan is in force.
Grace Period:
A Grace period of 31 days will be granted for the
payment of each premium failing due after the first premium,
during which Grace Period the plan shall continue in force.
Exclusions
This plan does not cover sickness,
injury or death caused or contributed to by war, declared or undeclared, acts of
terrorism, suicide, self-inflicted injury or poisoning, the taking of illegal or
non-prescribed drugs, drunkenness or alcoholism, mental or nervous disorders. It does not
cover subjective pain unless supported by objective medical findings or injuries or
sickness sustained while committing or attempting to commit a crime. With prior written
agreement from the underwriters and the payment of any required additional premium, the
exclusions of war, and acts of terrorism may be omitted from the Certificate.
This is a brief description of the insurance
provided by the plan. The Certificate of Insurance is the
complete description of coverage.
For more details & quotes, please contact us today.
info@internationalriskmanagement.com
877-211-3654 or
559-294-0316
Thank you for
visiting our website.
www.InternationalRiskManagement.com
|
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