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Benefits and Policy Features
Renewability: Assurity-Balance® Century Plus Disability Income Insurance is guaranteed renewable to age 65 or 67. That means as long as the insured pays premiums when due, Assurity will not cancel or change your policy. Premiums can only be changed for all insured persons in the same class if approved by the state Insurance department in your state. The policy is also conditionally renewable to age 75. The policy can be renewed each year after 65 by paying an increasing premium and being employed full time. Benefits during this period will be limited to one year.
Total Disability Benefit: If the insured is totally disabled and the elimination period has been satisfied, the benefit will be paid. Benefits will continue while the insured is totally disabled or to the end of the benefit period, whichever is first. A total disability must be due to sickness or injury, which for the first two years after the elimination period prevents the insured from doing all the substantial and material duties of their own occupation. After benefits have been paid for two years, the insured is considered disabled if unable to do all the substantial and material duties of any gainful occupation – an occupation, which fits them by education, training or experience and replaces at least 60 percent of their prior monthly income.
Benefit Periods: 1, 2, 5, 10 years, to age 65 and age 67, depending on age and underwriting class.
Elimination Periods: 30, 60, 90, 180 and 365 days
Partial Disability Benefit: If the insured is partially disabled, as defined in the policy, and working part time after receiving total disability monthly benefits, this benefit will be paid equal to 50 percent of the total disability monthly.
Presumptive Disability Benefit: Presumptive Disability is the permanent and irrevocable loss of speech, hearing in both ears, sight in both eyes, use of both feet, use of both hands, or use of one hand and one foot. If the insured is presumptively disabled, the total disability monthly benefit will be paid regardless of their ability to work or of care received by a physician. The elimination period does not need to be satisfied.
Home Modification Benefit: If the insured is totally disabled and has been receiving total disability monthly benefits for at least six months, the actual costs up to a lifetime maximum of six times the total disability monthly benefit will be paid to modify their home to accommodate their disability.
Survivor Benefit: If the insured dies while receiving total disability monthly benefits and has been receiving benefits for at least 12 consecutive months, a lump sum of six times the total disability monthly benefit will be paid to a beneficiary.
Vocational Rehabilitation Benefit: If the insured is totally disabled and has been receiving total disability monthly benefits for at least six months, the actual costs of an approved vocational rehabilitation program, up to a lifetime maximum of six times the total disability monthly benefit, will be paid.
Waiver of Premium: Renewal premiums will be waived after the insured has been totally disabled for the elimination period or 90 days, whichever is shorter. The waiver of premium ends when the insured is no longer receiving monthly benefits. Premiums are not waived during a period of partial disability.
Optional Benefit Riders
Supplemental Disability Income Rider: If the insured is totally disabled and the elimination period has been satisfied, the supplemental disability income rider monthly benefit less any social insurance benefits will be paid. Benefits will continue while the insured is totally disabled or to the end of the benefit period, whichever is first. No benefits will be paid if social insurance benefits exceed the SDIR monthly benefit amount. Social insurance benefits include the following:
Social Security Disability Benefit - Includes any primary or family disability benefits the insured is eligible for under the U.S. Social Security Act or similar law of any other country. Payments under the retirement provisions of the Social Security Act are treated as a Social Security disability benefit.
Worker's Compensation - Includes any benefits the insured is eligible for under any Worker's Compensation Act or Occupational Disease Law. Included are all state and U.S. territory laws, as well as other countries' laws.
Government Retirement and Disability Fund Benefit - Includes any disability benefits the insured is eligible for (including dependent benefits) under any federal, state, county, city or other governmental subdivision retirement and/or disability fund. Retirement benefits from such funds are treated as disability benefits.
Railroad Retirement Disability Income - Includes any primary or family disability benefits the insured is eligible for under the Railroad Retirement Act. Retirement option benefits under the act are treated as disability benefits.
Own Occupation Rider; To Age 65: This rider extends the policy’s own-occupation period to age 65.
Automatic Benefit Increase Rider: This rider increases the total disability monthly benefit by 5 percent of the original amount starting after the first year of continuous benefits have been paid. Payments will continue to increase each year until the total disability monthly benefit has increased to twice the original amount.
Guaranteed Insurability Rider: This rider gives the insured the option to increase their total disability monthly benefit by purchasing additional amounts of insurance. Each increase amount can be from $200 to $600 but cannot in total exceed the original total disability monthly benefit amount the insured may exercise this option five times before age 55. Option dates can start two years after the issue date and must be separated by two years. Increases do not require evidence of insurability.
FOR AGENT USE ONLY. NOT TO BE USED BY CONSUMERS. Policy form I H0920, Rider forms R I0929, R I0921, R I0922 and R I0924. Product availability, features and rates may vary by state.
This policy may contain reductions of benefits, limitations and exclusions. For costs and complete details of the coverage, please contact your agent, Assurity Life Insurance Company or ask to review the policy for more information.
A540-0812