Disability policies include probationary and waiting periods.

You plan to take a vacation to go helicopter skiing and will be sure to purchase your disability income insurance policy before the trip. You should also

make sure to take your vacation

the policy's

period expires because if you get hurt during that time, you will

You've had a disability income insurance policy for many years. You have an emergency savings account that would support you for three months. If

you lose income due to injury or illness, you plan to use these funds until the $90-$day,

period expires, after which you

begin receiving benefits from your disability income insurance policy.

Probationary and waiting periods are similar in that they help keep costs down, but they also differ.

Benefit payments$-$both current and future$-$are prohibited for injuries or illnesses that occur in the

$"$ period. This period is usually

$.$ Benefit payments for injuries or illnesses that occur after the

$\_$ period

made when the

period has elapsed.

Noncancellation and waiver of premium clauses

A friend of yours has a great job that pays well. He plans to work all his life. His only source of income is his paycheck. He takes trips and enjoys other

extras in life. Now that you know that becoming disabled can bring financial ruin, you'll strongly recommend that your friend purchase disability

income insurance. It is most important that your friend's policy includes a

clause.

You explain to your friend that a

clause would relieve him of the responsibility of continuing to pay the insurance premiums

when collecting benefits. But a

clause means he would always have coverage. If the insurance company canceled his policy

and he became disabled, he'd lose a lot

than he would if he collected benefits and had to continue to pay premiums.

The cost of premiums for men and women

The cost of premiums for disability income insurance with the same terms is

approximately the same premium as a man her age for coverage with

for a woman than a man. A woman will pay

restrictions than the man's. The reason is that