Frequently Asked Questions
Here are some frequently asked questions about the NAIFA Advantage Plus
Disability Income Protection Plan. If you have any further
questions, please feel free to send an email to our NAIFA Account Manager at
naifa@kelsey.com.
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Q:Can my spouse apply for benefits if I am not?
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No, however if for any reason you are not approved for benefits your spouse may
keep the benefits he or she is approved for.
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Q:Are employees of my agency eligible for coverage?
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Only NAIFA members are eligible for coverage.
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Q:
How do I determine what benefit amount I'm eligible for?
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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 disablity benefits.
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Q:
Does this plan integrate with my current coverage?
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The plan integrates with other group plans and other sources of income. Benefit
integration does not apply to individual plans.
>> details
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Q:Is the plan non-cancelable?
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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.
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Q:
What are the underwriting requirements?
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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.
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Q: Can my application be faxed in?
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No, due to the underwriting guidelines the carrier requires the originally
signed application.
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Q: When will my coverage become effective?
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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.
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Q: If I select Auto-Pay as my payment option, when will
the premiums be deducted from my account?
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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.
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Q: Can I change my plan selection, elimination period
and/or benefit amount once my plan is in force?
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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.
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