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Need more help deciding?Jeff Skeesick can answer questions you may have. 866.696.3154 orjskeesick@aiin.net

What is a beneficiary?

 

Beneficiary refers to the person or persons who are designated as the recipients of your policy, possibly to provide financial protection in the event of your death. Usually, beneficiaries are relatives or very close friends, but you may also name your estate or a trust as your beneficiary. Your insurance company needs to know who your beneficiary is so that they can pay the proceeds of your insurance policy to the person(s) entitled to receive them.

If I already have a will, why do I need to designate a beneficiary?

 

Your life insurance beneficiaries don’t necessarily need to be the same beneficiaries that would benefit under your will. Therefore, if you would like someone other than your heirs to receive your life insurance proceeds, you will need to designate them as such. Naming a beneficiary is an important decision, with possible advantages and even disadvantages. Seek the advice of a legal professional regarding this important decision.

What is disability insurance?

 

Disability insurance (Short Term Disability or STD) helps protect your income if you become ill or injured. If you are disabled, disability insurance will provide benefits to replace a portion of your salary while you are unable to work to help pay for any of your usual expenses if you are unable to earn a paycheck. (Pregnancy is also covered as a disability.)

What is an elimination period?

 

Also known as "deductible" or 'waiting' period, an elimination period is a time between when a insured becomes eligible to receive disability payments and when those payments actually begin.

 

Are there any other factors that may affect the benefit payment I receive?

 

Benefits as well as any income you are eligible to receive from other sources may offset a portion of your benefit. Typical income sources include (but are not limited to):

• Social Security disability benefits or retirement benefits

• Workers’ Compensation

• Other group disability benefits

• Federal, state or local disability, retirement or unemployment programs

• No-fault wage replacement benefits

• Department of Veterans Affairs payments

• Elected or full retirement benefits

What happens to my coverage if my employment is terminated?

 

Your coverage ends. STD cannot be converted to an individual policy. If employment ends during a period of disability, STD benefits continue as long as you remain otherwise eligible under the plan.

 

What if I can't return to work?

STD benefits continue for disabled employees subject to the plan's requirements for disability and to the maximum benefit period. If you still can't return to work at the end of your STD benefit period, you may be eligible for Long Term Disability benefits.

What disabilities are not covered?

 

Circumstances vary based on specific plans, but a disability is typically not covered if it:

• Results from committing or attempt to committing a criminal act

• Is due to an act of war

• Results from driving an vehicle while legally intoxicated

• Is due to insurrection, rebellion, riot or civil commotion

• Is due to intentionally self-inflicted injury

• The injury occurs while the person is confined to a penal or correctional institution

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