new NML DI disability definition?

[etscch01]

Hey all, was talking with an independent DI agent today and he mentioned that NML had very recently (within the last several months) changed their disability definition on their DI policies. Just wondered if anyone could confirm/deny this claim, and if true post the new phrasing for us to dissect? Also, please point me in the right direction if this has already been discussed elsewhere!

 

Chris

 

[The White Coat Investor]

I think this is the post you're looking for:

 

https://www.whitecoatinvestor.com/will-the-real-own-occ-please-stand-up/

[VagabondMD]

They, and the others, are constantly changing these definitions, and it is not unusual to get a call from a NWM (or like) salesperson, in a panic, because you have to get your application in by midnight because:

1) There is a change in some definition

2) The rates are going up

3) Some other feature of the policy is being eliminated or changed, and you will be at a disadvantage if you wait

etc.

I think that they create these last minute buying "opportunities" to deflect the decision of whether or not to buy into a call for immediate action.

[Scott at MD Financial Services]

The simple question to ask is "if I can't do my specialty that I was doing at the time of claim and then post Disability go out in a different occupation and make the same or more money than I was pre-disability how much do I get paid from the disability policy"?  What you will find is with that type of definition you will get a bunch of reps that say "well that won't happen" or some other excuse where they should say the answer to your question on NWM is $0.  The other big 6 still have the policy features that would answer you 100% of benefit purchased.  Facts are the facts and if you want to be absolutely sure they tell you the truth you can always ask the rep to get someone in the claims department to put it in writing how they would handle that claim, just be sure it is written on company letterhead so there is no manipulation.