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Occupation
The following are occupational classes for ProVider Plus disability insurance
products.
Class 6, 5, 4, 4P, 3, 2, 1
Occupational classifications are not unique to Berkshire or Guardian. The
classifications are there for one purpose and that is to allow the insurance
company to arrange various occupations in groups from the most favorable claims
experience to the least favorable claims experience.
The occupational
classification guide provides a general description of each class and
lists the most commonly encountered occupations and their class. There is also
a "Move Up Option" with the necessary criteria, for example, for someone in
class 4 to move up to class 5.
Just as the same Berkshire DI policy will always cost the same, no matter who
you buy it from, your occupational classification will also always be the same,
regardless of which agent or brokerage company you buy your ProVider Plus
policy from.
The quote you receive should reflect your occupational classification.
Income and Net Worth
There are minimum income and benefit amounts that are established by each
company.
One of the most important concepts is to that disability insurance is designed
to replace 60-66% or so of your earned income. That is the income that would
likely stop if you could not work.
Existing Disability Insurance Owned Or Eligible For
Generally, the amount of disability insurance currently owned, including LTD
and DI and any Future Increase Options plus the amount eligible for (i.e, if
you are currently eligible for LTD) is subtracted, dollar for dollar, from the
amount you would otherwise be able to purchase. For example, if you were
otherwise approved and your income could qualify for a monthly benefit of
$10,000, but you have $5,000 LTD, an existing ProVider Plus DI policy with a
$2,000 benefit and $1,000 of FIO (Future Increase Option) , you would be able
to purchase another $2,000 of DI (and quite possibly up to $4,000 more of FIO).
Recent history of insurance applied for
If you have applied for life, health, long-term care or disability insurance
recently, the insurance company would like to know about it. They may inquire
as to the results of your application and if it was for disability insurance.
Alcohol, Tobacco and/or Drug Use and Hazardous Activities
Use of tobacco will merely result in not being able to receive the 15 percent
non-tobacco user discount. The policyholder may apply for this discount on the
anniversary date of the policy after total abstinence from all tobacco products
for a period of one year.
Casual consumption of alcohol that is not excessive will likely have little, if
any, effect on underwriting. Conversely, alcohol abuse within the last five
years will probably result in a postponement until 5 full years of abstention
has occurred. From years 5 through 9 a rating is most likely. For drug abuse a
full seven years of abstention is generally the case before consideration. From
7 to 8 years a rating is likely, and after eight years of total abstention,
standard is possible.
Certain hazardous activities like racing, scuba diving and piloting may result
in ratings or exclusions. Berkshire does not except applications from
professional or semiprofessional athletes.
Travel Plans and Travel History
Please contact us for information regarding the effect travel has on
underwriting.
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Policy Forms 0100, 1100 and 2100 are underwritten and issued by
Berkshire Life Insurance Company of America, Pittsfield, MA, a wholly-owned
stock subsidiary of The Guardian Life Insurance Company of America
("Guardian"), New York, NY. Policy Forms NC111 and NC112 in CA are provided by
Guardian. Product provisions and features may vary by state. |
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