IQ Test For Disability Insurance

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What is your Disability Insurance IQ

Write down the answers for the following 10 questions, then check the answers below and tally up how many you got correct!

1. What is the most important clause in a disability insurance policy?
a. Elimination period
b. Future purchase option
c. Own-Occupation definition of disability
d. COLA (Cost-of-living-adjustment)

2. If I am a physician, when is the best time to purchase a disability insurance policy?
a. After I become disabled
b. Age 50
c. Age 40
d. During my residency program

3. Typically, what is the cost of a disability insurance policy?
a. $1,000/year
b. 1% – 3% of what I earn
c. $3,000/year
d. b. 4% – 6% of what I earn

4. If you are age 40-44, what is the average duration of disabilities lasting more than 90 days?
a. 6.2 years
b. 3.9 years
c. 7.5 years
d. 2.5 years

5. What does non-cancellable, guaranteed renewable mean?

a. My policy’s premiums are guaranteed, but the insurance company can cancel my policy.
b. My policy cannot be cancelled by the insurance company, but they can change the provisions of my policy.
c. My policy can be cancelled if I develop health problems.
d. The insurance company cannot cancel, increase premiums, change provisions or add restrictions to my policy.

6. What percentage of 20 year olds will become disabled before they retire?
a. 25%
b. 5%
c. 40%
d. 10%

7. What is the medical condition that is the main cause of disability claims?
a. Mental & Nervous/Substance Abuse
b. Musculoskeletal System/Connective Tissue disorders
c. Cancer
d. Circulatory System

8. How much disability insurance can I purchase?
a. As much as I can afford
b. 80% of my monthly after tax income
c. 60% of my gross monthly income, with a maximum of $15,000 per month
d. $5,000 per month

9. When you become disabled, your expenses …
a. Stay constant – the same as before you become disabled
b. Go up because you require added medical and daily living assistance
c. Go down because you no longer have to buy gas and lunches out
d. Are completely covered by Social Security

10. Of the following scenarios, which is most likely to happen if you’re age 65 or younger?
a. You’ll get in a serious auto accident
b. Your home will catch on fire
c. You will die
d. You will become disabled

Answers: 1. b,  2. d,  3. b,  4. c,  5. d,  6 .a,  7. b  8. c  9. b  10. d

If you scored between 9 & 10
Wow – You’re a Disability Insurance Genius! Get a Disability Insurance Quote today to start protecting your dreams, lifestyle and income!

If you scored between 6 & 8
You’re an aspiring Disability Insurance Student! Learn further how to protect your dreams, lifestyle and income in our Disability Insurance Education Center! Then, Get a Disability Insurance Quote today!

If you scored between 0 & 5
Good try! You are on the right path. Contact us anytime if you have questions or concerns about disability insurance. Increase your disability insurance IQ by reading through the articles in our Disability Insurance Education Center! Find out the importance of protecting your dreams, lifestyle and income and discover how disability insurance is your solution.