GSI Disability Insurance Policy Features from Ameritas
With the UCLA GSI disability policy, there is a streamlined process from application to policy issue. You only need to answer four health questions on the application. When approved, the policy will be issued with no medical exclusions.
With other disability insurance coverage, full medical underwriting is required. This includes a health questionnaire asking about health issues over the last 5-10 years, family medical history, information about international travel plans, and information about any potentially dangerous activities such as rock climbing, motor sports, scuba diving, skydiving, or martial arts. The carriers will likely request medical records to see if they should reject an applicant, increase premiums, or add exclusions to the policy for pre-existing conditions. Common conditions that can result in exclusions, ratings, or declines are: stress, anxiety, depression, build/BMI, chiropractic treatment, musculoskeletal issues, physical therapy, and pregnancy.
The UCLA GSI policy allows you to purchase disability insurance coverage without the hassle of full underwriting.
If you choose to apply for a fully underwritten disability insurance policy and that application is approved with a modification, rating, and/or exclusion, postponed, declined, or withdrawn, you will no longer be eligible for the UCLA GSI policy.
2019 Underwriting Outcomes for Individual Disability Insurance
Source: The Standard Insurance Company report from Jan-Sep 2019 on Application Outcomes & Actuarial Results
Benefits of the Ameritas GSI Policy
Unisex Rates + 20% Premium Discount
Individual Disability Coverage of up to $15,000 (through a Future Increase Option rider) per month
Short Form Application
Limited Medical Underwriting - only four health questions
Policy Features of the Ameritas GSI
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Solely due to a sickness or injury, you are not able to perform the material and substantial duties of your occupation, even if you choose to work in another occupation. If you are a physician or dentist and have limited your duties to the performance of the usual and customary functions of a specific, professionally recognized medical or dental specialty, we will consider that specialty your occupation.
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Benefits will begin paying on the 91st day after you have been disabled under the terms of the policy. For long term disability policies, 90 days is the most common elimination (waiting) period.
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Benefits will pay until you are 67 years old as long as you are disabled under the terms of the policy.
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A partial benefit may be paid if you are not totally disabled and working in an occupation, as a result of sickness or injury, your loss of monthly earnings is more than 15% of your prior monthly earnings. The first six monthly payments of the partial monthly benefit will not be less than 50% of your base monthly benefit. If your loss of monthly earnings is more than 75% of your prior monthly earnings, it will be deemed a 100% loss and Ameritas will pay you as if you are totally disabled.
Ameritas will still consider you partially disabled if you have recovered from a sickness or injury that caused a partial disability and you continue to have a loss of monthly earnings of at least 15% due to that disability.
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During a continuing disability, an additional 3% of the base monthly benefit will be paid on each anniversary of the date of disability. This is not a compound calculation.
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This rider allows you to apply for additional income protection each year on the policy anniversary through the age of 55, without providing any medical information. Only financial evidence of insurability is required.
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For every consecutive policy year you complete without receiving benefits under the policy, the elimination period will be reduced by two days, but not to less than 30 days.
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If you suffer an injury requiring medical treatment or the repair to natural teeth, Ameritas will pay the expense, not to exceed the lesser of 50% of the base monthly benefit or $3,000.
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For up to 18 months, Ameritas will reimburse COBRA premiums paid by you, up to a maximum of $1,000 a month, if you become unemployed due to a disability.
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This rider reimburses monthly payments for specified student loan debt, while you are disabled, for as long as the loan obligation remains, not to exceed the termination date of the rider.