WHOLE LIFE Ahead of You
Another word for a whole life policy.
What is permanent life insurance?
A condition that was treated (or recommended to be treated) within the 6 months prior to becoming eligible for the policy.
What is a preexisting condition?
The age at which you become eligible to enroll.
What is 65? (Or younger with certain disabilities)
A policy with no cash value, connected to an age or time period.
What is a term life insurance policy?
What STD stands for. (Not that...)
What is Short Term Disability?
The term for cancelling a whole life policy and receiving the cash value.
What is a surrender?
A set period of time required by an employer before an employee is eligible to enroll in group benefits.
What is a waiting period?
While Part A is free, it only covers inpatient hospital charges. Part B, which usually has a premium, would cover this.
What is Outpatient medical insurance?
A permanent policy with a specified time frame during which premiums are paid.
What is a limited pay policy?
The duration between when a disability starts and benefits are received.
What is an elimination period?
Borrowing from the CV that doesn't have negative tax consequences or have to be repaid, but will accrue interest.
What is a policy loan?
This shows the mathematical probability of disability (illness or injury).
What is a morbidity table?
Part of Medicare that covers prescription drugs.
What is part D?
A small-benefit policy meant for funeral costs.
What is a final expense policy?
Occupational considerations for disability insurance rank this type of job category as a 1A, or the riskiest with numerous workplace hazards.
What are physical labor jobs?
The main "living benefits" of a whole life policy,
What are cash value/equity and dividends?
A set period of time before coverage goes into effect on specified conditions.
What is a probationary period?
A list of drugs covered by medicare.
What is a formulary?
A permanent policy with flexible premiums that separates the life insurance and cash value elements.
What is a universal life policy?
The percent of applicants initially denied on a social security disability claim.
What is 65%?
When the IRS declares the DV is too large compared to the insurance protection element .
What is a Modified Endowment Contract (MEC).
The tendency of more bad risks than good risks to purchase and maintain insurance.
What is adverse selection?
These are the requirements to be eligible to sell Medigap.
What is 1) Plan A must be available 2) must mirror Medicare 3) and cannot duplicate coverages?
A way to offset the risk of living too long by allocating funds to invest and increase over time, then be released at specified intervals later.
What is an annuity?
These are three of the most common disability exclusions.
What are war, addiction and self-inflicted wounds?