Disability Insurance Policy Delivery
When your individual disability insurance policy has been approved and issued,the next phase is the disability insurance policy delivery period. Typically the company will allow a 30 day free look period. This means you have 30 days to review the policy and decide if you wish to accept the policy and place it in force.
When reviewing the policy, it is important to review the terms of the policy to ensure that it is suitable to your needs and requests. Here are some tips:
1) Check for any errors. Was the policy issued as requested? Are all of the requested riders on the policy? Did they issue it at the correct age, gender and occupational class?
2) Review any exclusion riders. If you have any pre existing conditions at the time of application, sometimes the policy will issue the policy with an exclusion rider for this specific condition. Be sure you understand the terms of the exclusion and how it relates to your situation.
3) Review any amendments. If something was not disclosed or answered at the time of application, the company may issue an amendment at the time of application. Review the amendment to ensure it properly addresses your answers and/or concerns.
To place the policy in force, be sure to sign and return the required documents. This includes a premium payment. Some policies will allow the initial payment to be drawn from your account. Most policies are not in force until the initial premium has been paid. If you paid the initial premium at the time of application, be sure to review when the next payment is due.
Contact your insurance broker or agent to review the policy and ask as many questions as necessary to ensure the policy is set up to your satisfaction.