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Elimination Period

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All disability insurance policies contemplate among their policy provisions an important feature called the Elimination Period. According to the website, the elimination period is “the time that elapses between the onset of disability and the beginning of the benefit period. During the elimination period, which is analogous to health and automobile insurance deductibles, your must fend for yourself.” This elimination period is also called the “waiting” period or the “qualifying” period. It can be considered as a deductible, too.

Almost all the insurer companies offer an elimination period of ninety days for an individual disability insurance. Nevertheless, in case you want to rely on a shorter elimination period, a 30 or 60-day period for example, you are charged with a really high rate. In contrast, if you are able to opt for a longer one, they give you a break in spite of the fact that it is not very profitable for you if compared to the risk you will be taking on. The most common after-90-days periods are of 180, 365 and 720. Thus, the longer the elimination period, the cheaper the policy and vice versa.

Once this period has already ended, the insured receives monthly checks. A good recommendation in regards to this period is, first, to make sure that you are going to be provided with an accumulation period, and in this way, your elimination period will be satisfied faster. Another suggestion is that, under any circumstances, do not purchase a contract that does not offer elimination periods that cannot be satisfied with a total or a residual disability. Thus, again, you are able to decide on the most appropriate features depending on your conditions and your requirements.

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