The Economizer-65 Plan maximizes your insurance premium dollar by providing a cost contained plan of disability income insurance. The duration of disability benefits is the same as the LifeStyle-65 Plan.
Disability benefits under this plan can span your entire working career. For disabilities which begin prior to age 60, benefits are paid until age 65. For disabilities beginning between the ages of 60–65, benefits are paid for two years or to age 65, whichever comes first. For disabilities beginning after age 65, benefits will be paid for one year. The difference between the Economizer-65 Plan and other Trust endorsed plans of Income Protection (Disability) insurance is that the definition of disability becomes more restrictive after the first two years of benefit payments under this plan.
- For the first 27 months, you are considered totally disabled if you are completely unable, due to sickness or bodily injury, to perform the duties of your normal occupation and are not performing any other occupation.
- After the first 27 months, you would be considered totally disabled and benefit eligible if you are unable due to sickness or bodily injury to perform any occupation for which you are reasonably suited by education, training or experience.
Other Trust Income Protection (Disability) plans incorporate a more liberal definition of disability commonly referred to as a “your own occupation” definition for the entire episode of disability (definition A above).
This Economizer-65 Plan is offered with a 90 day waiting period, without Benefit Booster and Guaranteed Insurability options. It is about 25% less costly than our LifeStyle-65 Plan that offers these two features together with a more liberal definition of disability as described above.
This Income Protection (Disability) policy is designed for those applicants, and their spouses, who have limited budgets and wish to implement a basic level of income protection insurance.