Terms to know
Elimination Period: The period of time you must be disabled before Base Monthly Benefits begin (90 Days).
Benefit Period: The period of time benefits will be paid for one disability caused by the same or related Injury or Sickness (Age 67)
Guaranteed of Physical Insurability Rider (GPI): You may buy additional Disability Income coverage on any policy anniversary without proving that you can be medically insured. The Increase Amount must be at least $100/mo. of benefit. You may not have an Increase Amount that will give you more than your maximum Disability Income Issue Limit. Option A allows you to add an additional $10,000 to your Base Benefit while Option B allows you to add an additional $7,500 to your Base Benefit.
Level Premium: Your Base Monthly Benefit will have a level premium that will stay the same until Age 67. If you choose to exercise a GPI option then your overall cost will go up.
Graded/Age-Based Pricing: Your premium for your Base Monthly Benefit will increase each anniversary date, as you get older. After 3 years of having a Graded Premium structure you may convert your plan to a Level Premium structure. At which time, Ohio National takes your current insurable age and subtracts two years for price purposes. This may be a good option for someone with a tighter budget or someone early in their Residency.
Exclusions: Will not pay Base Monthly Benefits, or pay any rider benefits, or waive premiums under the Waiver of Premium provision for any Total Disability caused by, contributed to, related to, or that results from:
(1) War, an act of war, or an act incident of war, whether civil or among nations, declared or undeclared, while you are serving in the active or reserve military service, a military auxiliary unit, or in any civilian, governmental or non-combatant unit working for or serving with military forces; or (2) Active military service when scheduled active duty is more than 30 consecutive days; or (3) You committing, or attempting to commit, a felony or you being engaged in an illegal occupation; (4)An intentionally self-inflicted Injury or Sickness, while sane or insane; (5) the cause being excluded by use of a Special Exceptions Endorsement.
Rehabilitation Benefits: Additional benefits may be paid if you take part in an occupational rehabilitation program intended to help you return to full-time work, if approved.
Survivor Benefit: Additional benefits may be paid if your death occurs while you are receiving Base Monthly Benefits.
Pre-Existing Conditions: Will not pay any Base Monthly Benefits for a Total Disability or Loss that: (1) begins within 12 months after the Policy Date; and (2) results from a Pre-existing Condition. Pre-Existing Condition means a bodily injury, illness, disease or other physical, emotional or mental condition, including Mental Disorder and Substance Abuse: (1) for which medical treatment, testing or medication was recommended by or received from a license medical professional within a 12 month period prior to the Policy Date; or (2) that has caused symptoms within the 12 month period prior to the policy Date which would cause an ordinarily prudent person to seek diagnosis, care, or treatment.
Residual Disability Rider: Benefits are paid if you can work but show a loss of 15% or more of your predisability earnings. Benefits are 100% of the Base Monthly Benefit if you show a loss of 75% or more of your predisability earnings.
Catastrophic Disability Benefit Rider: Additional benefits are paid if due to a catastrophic disability you are unable to perform two or more activities of daily living as defined in the rider without stand-by assistance or you require substantial supervision due to a cognitive impairment.
Renewal Provisions: As long as you pay your premium, Ohio National cannot cancel your policy. You may renew it to Age 67. Until then, they cannot raise the rates. You can renew your policy after Age 67 to Age 75 with a two year Maximum Benefit Period if you continue to work at least 30 hours a week. You can renew your policy after age 75 for life with a one year Maximum Benefit Period if you continue to work at least 30 hours a week. (Any rate change after age 67 will be based on your attained age, sex and risk class as of the renewal date.)