Disability

Income Plus / Income Plus Dual

Original line of business: Aetna 

Updated on: Dec 21, 2018

Product snapshot

Income Plus provides total disability benefits if the insured is unable to perform the substantial duties of his/her occupation and is not working at another occupation.  

Income Plus Dual policies have own occupation automatically as part of the contract. It will not show as a rider or an embedded benefit and was only sold to occupation class 4A. 

Basic product information

Product administration guide: N/A

Sample contract: N/A

Dividend options: N/A

Bonus: N/A 

Dividend options

N/A

Bonus

N/A

Premium paying period

The owner has the right to continue this policy for the total disability benefit beyond the monthly anniversary of the policy date following the insured’s 65th birthday subject to the following conditions:  

  • The insured is engaged in full-time employment 
  • Proof of full-time employment 
  • If the insured ceases the employment, this policy will terminate on the date that full-time employment ceases 
  • The premium payable during this renewal period will be based on the company’s rate applicable to all policies of this type
  • The company may change the rates applicable to such policies as of any premium due date 
  • The maximum benefit period during this renewal period will be 2 years for disability incurred on or before the monthly anniversary of the policy date that follows the insured’s 75th birthday, and 1 year for disability incurred thereafter

Policy fees

If any, noted in policy contract 

Deposit load

N/A

Values, loans & withdrawals

Non forfeiture option: Yes

Loans: N/A

Withdrawals: N/A

Non-forfeiture option

 A period of 30 days grace from and excluding the day on which the premium is due will be allowed for the payment of each premium after the first. The policy will terminate if any premium remains unpaid after the grace period

Loans

N/A

Withdrawals

N/A

Cash value

N/A

Reduced paid up

N/A

Riders & benefits

Premium offset/holiday: N/A

Premium offset/holiday

N/A

Death benefit

N/A

Reinstatement period

If this policy has been terminated for non-payment, it may be reinstated within 6 months by written application and with medical evidence along with all outstanding premiums due

Convertible

Option 1  

Before the equity date, as long as the insured is not disabled, the owner may convert the policy to a comparable non-cancellable disability income plan (i.e. Proguard or Proguard plus) based on the original age of the client and the guaranteed rates in effect when the original policy was issued 

Option 2 

The owner can convert this policy to a comparable non-cancellable disability income plan, at a guaranteed premium of 90% of the rates in effect at the policy date (at the attained age of the insured)  

Option 3 

If the policy is fully paid up on a projected basis at the monthly policy anniversary following the insured’s 60th birthday, the owner can request to convert this policy to a comparable non-cancellable disability income plan, at a guaranteed premium of 80% of the rates in effect at the policy date using the attained age of the insured 

These conversion options are subject to the following conditions:  

  • The insured is not receiving disability benefits under this policy 
  • The amount of insurance coverage under the converted policy cannot exceed the amount in force under this policy at the time of conversion 
  • The converted policy will be issued on the same basis and class of risk as this policy
  • Any unearned premium value in this policy will be refunded to the owner