When individuals become disabled, most can no longer continue saving for retirement. With a loss of income, they are unable to contribute to 401(k) plans (or other retirement vehicles), receive their employer match or contribute to Social Security.
DI Retirement Security helps close that gap by allowing individuals to continue saving for retirement if they become too sick or hurt to work. Benefits are paid to an irrevocable trust upon a disability. It can be an ideal solution for those who’ve maxed out traditional disability coverage and are committed to saving for retirement.
Guidelines:
- Minimum annual income to qualify: $76,000
- Occupation classes: All; most commonly sold to 4A/4A-M and above occupations
- Issue ages: 18-60
- Benefit Periods: To Age 65 or To Age 67
- Your Occupation Periods: 2 years, 5 years, To Age 65 or To Age 67
- Elimination Periods: 180 or 365 days
- Monthly benefit amounts (includes $50 monthly trust administrative fee; maximum adjusts with IRS guidelines): Minimum: $1,000 and Maximum: $4,385 (individual paid); $5,640 (employer paid)
- Available riders: Future Benefit Increase, Cost of Living Adjustment and MNSA
- Available sales programs and discounts: Select Occupation, Multi-Life, Affiliation, Association, MNSA rider
