The Group Disability Insurance Replacement Rider is designed to replace group long term disability or LTD insurance in two scenarios. The first is where an individual changes jobs going from a position where there is group LTD to a position where there is no LTD coverage. The second scenario is where the individual has group LTD coverage and his or her existing employer stops offering coverage. This rider gives the opportunity to replace this coverage with an individual disability income insurance policy. For example, if an individual has a $100,000 income, he or she could have either $4800 of individual coverage or $5000 combined between the group LTD and individual coverage. If we subtract the group LTD from the income it would leave room for approximately $1000 of individual coverage. Let's walk through the scenario of Jim going from Company A to Company B. His salary of $100,000 remains the same but Company B does not offer group LTD. All he has left for disability insurance is his ProVider Plus policy with a $1000 benefit. The group disability insurance replacement rider will allow an immediate exercise of up to $3800 of monthly benefit so he could have perhaps the same amount of coverage had the group LTD been offered at the new company. Even if Jim were no longer insurable, he would still be entitled to exercise this option. To exercise this option, an individual must provide details of his or her income, employment, and any other insurance in force or for which he or she is eligible. The difference between a Group Disability Insurance Replacement Rider and a Future Increase Option Rider is that you do not need to wait until the policy anniversary date to exercise the rider. You need only to prove that you have changed jobs and that there is no group LTD or that your current employer no longer offers group LTD.

The Unemployment Premium Waiver Option Rider

This rider states that if an individual receives unemployment compensation for at least 60 consecutive days, your premium will be waived for twelve months even if you return to work. You can only exercise this option once over the life of the policy and the rider itself is renewable through age 60 or until the date you exercise it. The value of this rider is self-evident. When most people become unemployed, their income reduces dramatically and the bills keep coming. This rider can protect you from the possibility of having to drop your coverage because you can no longer afford it due to unemployment. Keep in mind that the premiums are waived for twelve months, no longer. Of course, if you become totally disabled under the terms of the ProVider Plus policy during the period of time that your premiums are being waived, you could be entitled to the full benefits of the policy as described by the policy.