Some illnesses and injuries can be more severe than others, and therefore can lead to more devastating consequences. For a low-cost premium, you can further protect your income by adding the Catastrophic Disability Benefit Rider to your policy. This benefit would pay in addition to your base monthly benefit coverage.
Dependent on the state and insurance carrier, there are two ways this Rider is defined.
The first definition is as follows: Catastrophically disabled means you are unable to perform two or more activities of daily living without stand-by assistance; or you require substantial supervision due to severe cognitive impairment. Activities of daily living are: dressing, toileting, transferring, continence, eating, and bathing. Benefits continue as long as you remain catastrophically disabled or to the end of the Catastrophic Maximum Benefit Period, if sooner.
The second definition is as follows: Catastrophic Disability and Catastrophically disabled means that, solely due to a sickness or injury, you sustain the permanent loss of use for any and every purpose or activity of the sight in both eyes; or the hearing in both ears; or speech; or the use of both hands; or the use of both feet; or the use of one hand and one foot; or you require substantial supervision due to severe cognitive impairment.
Benefits continue as long as you remain catastrophically disabled or to the end of the Catastrophic Maximum Benefit Period, if sooner. So not only would you start to receive your base monthly benefit at the time of a claim, you would also start receiving the additional funds from the Catastrophic Disability Benefit Rider as well. When you’re catastrophically disabled, money is one of the last things you’ll want to think of but unfortunately, will probably be one of first things that cross your mind. Adding this Rider to your policy may help give yourself some additional peace of mind.
To learn more about this Rider, please contact us today.