by John Darer CLU ChFC CSSC RSP CLTC
The voluntary long term disability insurance plan offered to members of the Society of Financial Service Professionals (SFSP) has not only been enhanced but rates have been REDUCED 20-40% (depending on age)! Got to love the law of large numbers.
Disability insurance through the SFSP plan offers valuable protection including:
- Protecting your income stream in the event of an extended disability
- Benefits for both total and partial disability
- "Own occ" for the life of the policy (3 years limit removed)
- 90 day elimination period
- 60% of income (trailer income generated pre-disability does not reduce residual benefits,.
- a cost of living adjustment
- Benefits to age 65, or later if still working.
- A monthly assisted living benefit
- A monthly annuity contribution to help make up possible reduced pension funding when disabled.
- Insured by Standard Life Insurance Company, one of the leading LTD insurers.
- The law of large numbers means that the plan is guaranteed issue. That's right, guaranteed issue, but open enrollment is only available for eligible SFSP members during a window period through November 15, 2014. A 6/24 pre-existing condition provision applies. There is now a $12,000 per month cap. No proof of income required when enrolling but will have to prove income loss at the time of claim. More details are in the SFSP LTD brochure and the online enrollment materials.
Disability insurance is an important pillar of financial security. Losing your ability to produce earned income is devastating both mentally and physically. Without disability insurance, your savings can melt down pretty quickly potentially impacting your financial viability and those you love.
Structured settlement brokers and settlement planners who have the erequsite credentials to become a member of the Society of Financial Service Professionals (SFSP) may wish to consider joining the SFSP to be able to supplement their current individual disabilty insurance, not to mention the significant benefits of membership for information and professional growth.
Society of Financial Service Professionals (SFSP) is an 80 year old credential only organization. 85% of its 15,000+ members have over 20 years of professional experience, according to a information provided by the SFSP.