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Benefits and Policy Features
Petersen International specializes in providing coverage when traditional carriers cannot, due to adverse medical history, uninsurable occupations, age, not enough hours worked, international risks, high net worth, high profile occupations, professional athletes, and to top off traditional issue and participation limits.
Benefit Periods: Can have 1, 2, 3, 4, 5, and 10 years with an additional lump sum available to be paid with any benefit period.
Elimination Periods: 30, 60, 90, 180, 365, and 730
Total Disability: Solely due to a sickness or an injury, you are not able to perform the substantial and material duties of your occupation, even if you are at work in another occupation.
Presumptive Disability: Benefits will be paid for the maximum Benefit Period even if you are able to return to work should you lose the use of both hands, both feet, one hand and one foot, the sight in both eyes, hearing in both ears, or the ability to speak. The medical care requirements and the elimination period will be automatically waived.
Recurrent Disabilities: Resulting from the same cause or causes are considered a new claim with a new benefit period if you have returned to your regular occupation, full-time, for six months or longer. If you incur a further Total Disability within six months of a prior Total Disability, it will be considered as the same disability and not subject to a new elimination period or if chosen it will be considered a new disability requiring a new Elimination Period while establishing a new Benefit Period.
Survivorship Benefit: If the insured is receiving benefits for Total Disability at the time of their death, a survivorship benefit will be paid equal to three times the monthly benefit amount.
Waiver of Premium: Waived after 90 days of being disabled and will continue to be waived for as long as you are disabled, but not beyond the expiry date of the certificate of insurance.
Term of Insurance: The period of time that the policy is non-cancellable (most contracts are issued with a 5 year term). The terms of the policy nor the premium can be altered by the insurance carrier provided you pay your premium on time.
Optional Benefit Riders
Residual Disability: Benefits will be paid when you are engaged in your occupation and your income is reduced due to a disability by 15% or more. The benefit will be calculated by multiplying the monthly benefit by the percentage of reduced income compared to the average income for the preceding twelve months at the time of disability. If your loss is greater than 80% this will be considered a 100% loss.
Cost of Living Adjustment (COLA): Benefits will automatically increase annually based upon the Consumer Price Index (CPI), but not to exceed 10% per year.
Permanent Total Disability (P.T.D.): If solely due to a sickness or injury, you are not able to perform the substantial and material duties of your occupation, even if you are at work in another occupation and in the opinion of Competent Medical Authority recovery from such disability is not expected, an additional lump sum payment will be paid.