What to expect when applying for disability income (DI) insurance

What to expect when applying for disability income (DI) insurance

You’ve recognized that helping to protect your income is an important piece of your financial strategy, and worked with a financial professional to design a policy that fits your needs. What's next? While your financial professional will help guide you, here's a quick overview of what you can expect.

Step one: Complete your application

The answers on your application serve a few important roles. First, it helps us understand the type of protection you want to put in place, including the amount, type of coverage, customized features, and beneficiaries of the policy. Second, it serves as a roadmap to help our underwriting team quickly and efficiently evaluate your request for coverage.

We’re here to help you shoulder important financial risks posed to your family or your business if you become disabled due to sickness or injury. To do that, we need to be able to understand the risks by asking you questions about:

  • Your occupation, with an emphasis on understanding the types of job duties you perform, and the environment in which you perform them
  • (For students) completing degrees in specific programs, or in a residency program, coverage may also be available
  • Your sources of income, including your base compensation, and any variable forms of compensation like commissions and bonuses
  • Your net worth, current debt and financial obligations
  • Any disability income insurance coverage you already have in place, whether through your work, or coverage you’ve purchased on your own
  • Your medical history, including conditions you’ve been or are being treated for, hospitalizations, and prescriptions
  • Recent or scheduled foreign travel
  • Personal habits (like smoking, drinking, or recreational drug use) or activities (like scuba diving or mountain climbing) that impact your risk profile

All information you provide is collected, stored securely and kept confidential. While some of the questions might feel a bit detailed or personal, it’s important that you answer them honestly and completely.  We want to protect your interests, and the interests of all of our policyholders, so we can maintain fair and competitive prices for protection. Additionally, to protect our policyholders, there are provisions that allow us to cancel or deny coverage if it’s determined that answers provided were fraudulent.

Step two: Take a medical exam

Many disability income insurance companies, including Ohio National, may require that you complete a brief, limited and confidential medical exam as a part of the application process. If an exam is required, your financial professional will help you schedule it at a time and place that is convenient for you. For most applicants, the exam will include:

  • Measurements of your height, weight, pulse and blood pressure
  • A small blood and urine sample
  • A review of some of the information submitted on your application

In some cases, applicants may be asked to complete additional tests based upon their age, health history, or amount of coverage requested.

Step three: We review your application

This step is known as underwriting. Our team will evaluate the information provided in your application and the results of the medical exam. Sometimes, we may request additional information to better understand your risk profile. For example, we may order copies of your medical records or for documentation that verifies financial information. Occasionally, this part of the application process takes the longest, as we cannot always control how quickly we’ll receive the records we’ve requested.

These pieces of information help underwriters decide if you are eligible for coverage, and if so, the rates to charge based upon your risk profile.

Step four: Review your offer for coverage

Once approved, we’ll give your financial professional the details of our offer for coverage to review with you. You’ll have time to review the policy, ask any questions, and see whether any adjustment may be made before putting it in place. If everything meets your expectations, the financial professional will deliver the final policy to you and help you complete the final steps to put the coverage in place.

We’re here for you

We want you to be confident that you’ve got the right coverage and understand how it works so that it helps to provide peace of mind to you and for those you care about.

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Disability income insurance policies issued by Ohio National Life Assurance Corporation. Product, product features and rider availability vary by state. Guarantees are based upon the claims-paying ability of the issuer. Disability income insurance is not available in CA. Issuers not licensed to conduct business in NY.

Disability income insurance policies contain exclusions, limitations, reduction of benefits and terms under which the policy may be continued in force or discontinued. For complete details of coverage, contact your financial professional or the company.

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