Here are some frequently asked questions about the NAIFA Advantage Plus Disability Income Insurance Protection Plan . If you have any further questions, please feel free to send an email to our NAIFA Account Manager at naifa@kelsey.com .
Can my spouse apply for coverage if I am not?
No, however if for any reason you are not approved for benefits your spouse may keep the benefits he or she is approved for.
Are employees of my agency eligible for coverage?
Only NAIFA members are eligible for coverage.
How do I determine what coverage amount I'm eligible for?
Multiply your gross monthly income (up to $10,000) by 60%. Commissions may be averaged for the 24-month period leading up to your application. Subtract any in force benefits from other group plans you have that you do not plan to replace. The carrier will not approve coverage for more then 70% of a person's income from all group sources providing disability benefits.
Does this plan offset for other income benefits?
The plan offsets for other sources of income. Benefit offsets do not apply to individual plans.
Is the plan non-cancelable?
Your coverage can only be cancelled if (1) premiums are not paid, (2) age 70 is attained, (3) the date the group policy ends, (4) employment ends for reasons other than total disability for which benefits are payable under the group policy. Rates for the Disability Income Benefit and the CFI Option are age banded and will increase as you move from one age group to the next. You cannot be singled out for a rate increase or cancellation due to changes in your health.
What are the underwriting requirements?
A medical application with MIB authorization is required for all monthly benefit amounts and benefit periods, lab work and/or additional items may also be required in some cases.
Acceptance into this plan is subject to medical evidence of insurability as determined by The Hartford. Depending on your age, the amount of coverage you request, and your answers on the application, a medical examination, medical test(s), or other evidence of good health may be required. Any exams/test requested by the company will be conducted at your convenience and at no expense to you.
When will my coverage become effective?
Your new coverage will be effective the first day of the month following approval from the carrier. You will be notified of this date in writing.
If I select Auto-Pay as my payment option, when will the premiums be deducted from my account?
Premiums are drafted on or around the 25th of each month. However, no money is drafted and no checks are cashed during the underwriting process. You will be notified in writing prior to any money being collected from your account.
Can I change my plan selection, elimination period and/or benefit amount once my plan is in force?
Yes, you can increase your benefits at any time by completing a new application to be reviewed by the carrier. A benefit decrease can be requested in writing at any time.