Broker Check

Additional Disability Features

Features that most of our physicians will add on to their disability policy on top of the basic plan as mapped out on the disability page.

Just because you apply for any of these features, does NOT mean you have to keep them on your disability policy once we get an approval. If you are at all interested, let your Twin Oak Advisor know and we can at least apply for them and decide later if you want to keep it. It’s always easier to take off than add on later!

Unlimited Mental Nervous Coverage

Most carrier disability plans will only cover mental nervous claims for 2 years before you have to be hospitalized to continue to receive benefits. Mental Nervous claims are conditions such as depression and anxiety preventing you from working.

Principal, Ohio National, Standard and Guardian allow you to upgrade the mental nervous coverage for the entire benefit period (to age 65). The cost for this comes in at around 10%, so if you are reviewing your comparison summary - you can add 10% to the price you see there.

Disability Income Retirement Security (DIRS)

If you were unfortunately completely disabled, your disability policy would pay you a monthly benefit until age 65. An area that is often overlooked - if you can’t work, who is funding retirement for you? What do you do after age 65 once the long-term disability benefits stop?

Principal offers a policy, separate from a disability policy, that would essentially fund a retirement plan for you if you were totally disabled. Each month, Principal would put $1,000-$4,500 into a retirement trust in your name. Once you hit retirement age, you will have access to the money that has built up in this trust to fund your lifestyle after your disability benefits stop.

The cost for this policy is super inexpensive at around $20/month per $1,000/month of benefit. Even if Principal isn’t your cheapest option for disability coverage, we can apply for this policy separately. If at all interested, please let your Twin Oak Advisor know!

Catastrophic Coverage (CAT)

All of the 6 carriers allow you to add catastrophic coverage of around $5,000/mo. to your policy. If you were to have a catastrophic accident or illness, you would receive an extra $5,000/month tax free. To qualify as a catastrophic accident or illness, you have to be unable to perform 2 of 6 activities of daily living.

Example we like to give: We had a client who was diagnosed with ALS and this extra monthly benefit allowed them to make necessary modification to their house to accommodate the disease.

CAT coverage adds about 5% to the total cost from the price you see on your comparison summary pdf.

Student Loan Protection

Mass Mutual, Standard and Ameritas offer an additional Student Loan Repayment rider. This feature provides up to $2,500/month of extra disability benefit to pay for student loans. They will pay this extra benefit for 10-15 years depending on how you set up the rider.

If the carrier that came out best for you does not offer this rider, we can make sure when you go out into practice that your disability benefit covers ALL fixed expenses (student loan payment included).

The cost typically adds 5-10% to the total cost in the comparison summary price on your pdf.