BENEFIT IMPROVEMENTS AT A GLANCE Plan Code 9000
For new Disabilities that occur on, or after, November 1, 2015.
- 100% OF BENEFITS PAYABLE DURING FIRST 12 MONTHS OF TOTAL DISABILITY. Thereafter, benefits will be equal to expenses, subject to the Maximum Monthly Benefit.
- A MINIMUM 50% OF BENEFITS PAYABLE DURING FIRST 6 MONTHS OF PARTIAL DISABILITY. Thereafter, benefits will be equal to expenses times the % loss of income, up to the Maximum Monthly Benefit.
- THE MAXIMUM AVAILABLE BENEFIT HAS BEEN INCREASED FROM $20,000 to $30,000 per month. Additional coverage is subject to underwriting approval of good health and financial evidence.
- NEW CATEGORIES OF INSURED EXPENSES that include the salaries and benefits of employed lawyers and minimum student loan repayments of principal and interest.
- TERMINATION AGE HAS BEEN INCREASED TO RECOGNIZE THAT NOT EVERYONE RETIRES AT AGE 65. You can now keep coverage up to age 80, subject to full-time employment as of age 71.
- YOU ARE PRESUMED DISABLED if you lose 2 or more limbs, or suffer a total loss of hearing, sight or speech, even if you are still working.
- DEFINITION AND CALCULATION OF INSURED EXPENSES RECOGNIZES THE FINANCIAL ARRANGEMENTS OF MANY LAW FIRMS
- There is no reduction in benefits if expenses are covered by other lawyers, including associates
- For total disability only, no reduction for amounts received from the practice (i.e., profit-share) as long as amount does not relate to work performed while disabled
- IN THE EVENT OF DEATH an amount equal to 3 times the Maximum Monthly Benefit will be payable, and is not based on disability.
- RECOGNITION OF INCOME SPLITTING with spouses and/or children.
- NO CAP ON FIRM SIZE. Coverage is available to lawyers in firms of all sizes