Group Disability Income Insurance
A Group Disability Income policy pays a Monthly Income benefit if the insured person becomes disabled.
If the life insurance company holding your Group Disability Income policy fails,
- Assuris continues your Group Insurance Disability Income benefits up to $2,000 per month or 85% of the promised Monthly Income Benefit, whichever is higher, until the earlier of either:
- The next renewal date for the group contract, or
- Six months from the life insurance company failure.
It is anticipated that the liquidator or the plan sponsor will transfer the Group Disability Income policy at the renewal date or within the six month period to another company.
Examples click here
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