DIAM: Speaking of Awareness
In the example in that initial post, we posited a 40 year old applicant. The real life example we used in a subsequent post is actually a bit older (not that it’s really all that relevant).
I presume that the dearth of zero-day elimination period individual DI plans is cost; that is, carriers can make the numbers work on short term group plans because of the much shorter benefit period (6 months) and lower benefit limits (usually capped at 60%, versus 65% or even 70% for individuals)..
I presume the “high power attorney” was a throwaway line.
So, not a lot there, but his Social Security Security (SSDI) questions are spot on, and I’d like to address those:
The odds of this client qualifying for SSDI would depend, of course, on the nature of her disability:
So in our example, we postulated that her most likely cause of disability would be some kind of accidental injury (such as dropping a keg on her foot, or straining her neck or back). It’s unlikely that these would result in death, but perhaps might last a year (or more).
Let’s assume the latter, and move on:
“Social Security disability applications face an overwhelming 70% denial rate upon initial evaluation.”
And it gets better (for values of “better”)::
And yes, the plan I quoted is integrated with SSDI, which helps to keep the premium down some. I don’t see this as a problem, since it’s unlikely that the benefit period would outlast the actual disbursement of SSDI funds.
So, once again, Thank You, BF, for your great questions!
Source: http://insureblog.blogspot.com/2020/05/diam-speaking-of-awareness.html
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