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Right now I am experiencing first hand what it is like to max your deductible, co-insurance and hit your stop loss on health insurance. Have both OHE and Individual DI kick in and look at having waiver of premium begin on my life insurance policies. I am currently in a wheelchair, cannot drive, cannot walk, cannot climb stairs, can't bathe without assistance, can't visit clients or attempt to gain new ones.
But, when NYL asked me in writing in determining if I meet the definition of disability for my life policies, the realization that they will honor that rider can down to a crashing halt. Can you do "any occupation?" was the question.
Well I can type and I can talk on the phone, so in today's world according to those words in that question, I am able bodied. So what short of dead, will answer that question in today's modern world?
There has quickly become the realization that all those years where I have sold waiver of premium on life policies has been a farce. Steven Hawking does not meet this definition of disability on these life policies. And I am not talking about el cheapo fly by night insurance company, I am talking about one of the cornerstones of the industry.
I sold a useless rider for these last 26 years. Am I just mad? yes. Mad that I was fooled into believing how important wavier of premium was for a policyholder.
Well, as time advances and technology improves hitting the definition of "any occupation" makes this a useless rider.
And no, it was not "any occupation based on education, blah blah blah. It was "any occupation" followed by a question mark.
Both my DI policies have come through, both consider me totally disabled right now. I hope to get better and am working hard on it, but I thought I would share this with other agents and maybe they can review what adding that rider actually does for a policy holder?
Maybe ask your carriers for some examples of when they would activate the rider?
Food for thought. Been thinking about this for a while. I put these on my own policies because I was taught how important that was. Well, real life happens and time has really made that rider obsolete except in the most dire cases.
But, when NYL asked me in writing in determining if I meet the definition of disability for my life policies, the realization that they will honor that rider can down to a crashing halt. Can you do "any occupation?" was the question.
Well I can type and I can talk on the phone, so in today's world according to those words in that question, I am able bodied. So what short of dead, will answer that question in today's modern world?
There has quickly become the realization that all those years where I have sold waiver of premium on life policies has been a farce. Steven Hawking does not meet this definition of disability on these life policies. And I am not talking about el cheapo fly by night insurance company, I am talking about one of the cornerstones of the industry.
I sold a useless rider for these last 26 years. Am I just mad? yes. Mad that I was fooled into believing how important wavier of premium was for a policyholder.
Well, as time advances and technology improves hitting the definition of "any occupation" makes this a useless rider.
And no, it was not "any occupation based on education, blah blah blah. It was "any occupation" followed by a question mark.
Both my DI policies have come through, both consider me totally disabled right now. I hope to get better and am working hard on it, but I thought I would share this with other agents and maybe they can review what adding that rider actually does for a policy holder?
Maybe ask your carriers for some examples of when they would activate the rider?
Food for thought. Been thinking about this for a while. I put these on my own policies because I was taught how important that was. Well, real life happens and time has really made that rider obsolete except in the most dire cases.