Acquiring disability insurance during voluntary unemployment?

[scagnt83]

Are you sure that you're not referring to waiver of premium due to unemployment?

I wasnt. Im about 90% sure Guardian allows this. Never done it myself though. I think there is some type of window that they will still give you modified (not full benefit) coverage. I think it was around 3 months if I remember right.. I think it was my wholesaler who told me about that. Maybe it was a different carrier and Im confusing them. I also remember that the insured must continue in the same job classification and if the new job is different, the policy is rerated for the new job class.

Maybe it wasnt Guardian, but that does stand out in my mind. Maybe it was Ameritas instead?

Lloyds would probably cover it.... lol.

 

[dgoldenz]

Guardian will consider coverage for someone unemployed if they are actively looking for work in the same occupation or changing over to becoming self-employed.

 

[kgmom219]

Are you sure that you're not referring to waiver of premium due to unemployment?

No, I'm not.

GLIC will do this.

Here's a scenario:

You are a plastic surgeon. You had company paid key man DI from your previous practice with your now ex-wife. You are starting a new practice. GLIC will write it based on previous income.

And no, I'm not licensed in IL, nor do I write DI. In a previous life, I was the health insurance girl in a Guardian Financial Planning office.

And OP...are you an agent? Or a consumer?

 

[Paul2150]

And OP...are you an agent? Or a consumer?

Thanks for the replies. I'm a consumer.

 

[Tahoe Ray]

No, I'm not.

GLIC will do this.

Here's a scenario:

You are a plastic surgeon. You had company paid key man DI from your previous practice with your now ex-wife. You are starting a new practice. GLIC will write it based on previous income.

And no, I'm not licensed in IL, nor do I write DI. In a previous life, I was the health insurance girl in a Guardian Financial Planning office.

And OP...are you an agent? Or a consumer?

I get that example and several companies would entertain that example. Marketing exec starting their own consulting firm is another one...

But in the OP example, the person in just hanging around the house, not actively looking for employment (even though they're employable).

I don't write much Guardian but I can't see an underwriter accepting that scenario.

 

[kgmom219]

I get that example and several companies would entertain that example. Marketing exec starting their own consulting firm is another one...

But in the OP example, the person in just hanging around the house, not actively looking for employment (even though they're employable).

I don't write much Guardian but I can't see an underwriter accepting that scenario.

Nope. I agree

 

[Paul2150]

So what constitutes looking for employment? If this individual can show two offers well into six figures a year, but they can't take the offers because it would involve 4 hours of commuting per day, is that enough for the underwriter to say, "Okay - this individual is legitimate" ?

 

[dgoldenz]

So what constitutes looking for employment? If this individual can show two offers well into six figures a year, but they can't take the offers because it would involve 4 hours of commuting per day, is that enough for the underwriter to say, "Okay - this individual is legitimate" ?

Probably. If you have two offers, you clearly did enough to get those offers in the first place. However, if you just decide to not go back to work ever, then they aren't going to pay benefits if you don't look for any other employment for a year or longer, or just decide to take a couple years off and do nothing.

 

[Paul2150]

Probably. If you have two offers, you clearly did enough to get those offers in the first place. However, if you just decide to not go back to work ever, then they aren't going to pay benefits if you don't look for any other employment for a year or longer, or just decide to take a couple years off and do nothing.

Thanks - that's actually the gist of what I was looking for. Sounds like Guardian is one place to start looking for this kind of thing. I'll check with others as well.

 

[dgoldenz]

Thanks - that's actually the gist of what I was looking for. Sounds like Guardian is one place to start looking for this kind of thing. I'll check with others as well.

I wouldn't suggest doing it on your own. Use an independent broker - costs you nothing, you won't have to learn everything there is to know about DI, and they might be able to get you a discount that you can't get on your own too.