Choose From Three Plan Options
All three plans pay monthly benefits while you are Totally Disabled. "Totally Disabled" means you are prevented by illness or injury from performing the material and substantial duties of your usual occupation, provided you are not otherwise working for pay or profit. Benefits begin at the end of the waiting period, provided you are Totally Disabled.
Note: Benefits for disabilities due to Mental Disorders or Chemical Dependency are limited to a maximum of 36 monthly payments, regardless of Plan choice.
Choose Your Plan
If you are Totally Disabled before age 63, benefits are payable up to age 65. There is a two year maximum benefit for Total Disabilities starting at ages 63 through 74.
Benefits are payable for up to five years for Total Disabilities commencing prior to age 60. For Total Disabilities starting at ages 60 through 62, benefits may continue up to age 65. For Total Disabilities starting at ages 63 through 74, benefits may continue for up to two years.
Inflation-Fighter Career Plan
This Plan offers disability coverage that, once benefits begin, can help keep pace with inflation. Monthly benefits will be adjusted annually from the date of disability if you are Totally Disabled prior to age 63. Adjustments may be made to the Monthly Benefit paid in the second and each succeeding year. The adjusted amount will be based on the Consumer Price Index for Urban Consumers (CPI-U), up to a maximum 5% increase per year and an overall maximum increase of one times the original benefit.*Once you are no longer disabled and the benefit payments stop, the Monthly Benefit returns to the original option amount.
Benefits are payable up to age 65 for Total Disabilities starting before age 63. For Total Disabilities starting at ages 63 through 74, the inflation-fighter feature is no longer applicable and benefits will be payable in accordance with the basic Career Plan (i.e., up to two years maximum).
*A "catch-up" feature allows disabled members to receive benefit increases in excess of the 5% annual maximum if the prior years' compounded rates of inflation were less then 5% annually. Contact the Administrator for additional details on this feature.
Choose Your Monthly Benefit
You have a choice of Monthly Benefit Options, from $260 to $7,540 (in $130 units). However, members age 65-69 may not request a monthly benefit option in excess of $3,250. The option you choose, together with any other disability income insurance you may have, cannot exceed 60% of your AVERAGE MONTHLY INCOME. Also, if you have been self-employed for less then one year, your Monthly Benefit Option is limited to $1,040. Depending on your state of residence, you may be eligible to receive disability benefits under a state plan. You should check to see if your state offers this type of benefit.
NOTE: On the November 1 anniversary date on or immediately after reaching age 65, coverage in excess of $3,250 reduces to $3,250. On the November 1 anniversary date on or immediately after reaching age 70, coverage in excess of $1,560 reduces to $1,560.
ANNUAL GROSS EARNED INCOME means your wages, salaries, commissions, fees and other amounts received for personal services — before deduction of income or social insurance taxes and after deduction of the normal business expenses which are deductible for income tax purposes — for any 12 month period. It does not include income from interest, dividends, rent, royalties, annuities, other insurance or other unearned income. AVERAGE MONTHLY INCOME means 1/12 of your ANNUAL GROSS EARNED INCOME.
Your Choice of Waiting Periods
You also have a choice of four waiting periods before benefit payments begin: 30, 90,180 or 365 days. A waiting period is the number of consecutive days you must be Totally Disabled before benefit payments begin. You should choose one that will provide benefits when your employer-provided salary continuation plan runs out. Coverage with a longer waiting period is less expensive.
Future Purchase Option!
You expect that your salary will increase with time, and that means you'll have more to protect. Reserve a coverage increase now, for future activation, without additional medical underwriting for your future need.
This Future Purchase Option (FPO) is available to IEEE members.
Eligible members, ages 18 - 46, may apply for this benefit when requesting initial coverage under the Plan. You will be underwritten now for the full amount applied for, both your Monthly Benefit for immediate activation upon approval and the future amount to be activated (converted) as an increase to your Monthly Benefit in the future. No medical underwriting will ever be required in the future to activate (convert) an in force FPO amount!
Any approved FPO amount, in $130 increments up to $2,600, even if not activated (converted), is subject to the Plan maximum and the 60% of AVERAGE MONTHLY INCOME limitation.
Whether you choose Plan 65 or Plan 5, the FPO amount is pended in that status until your decision to activate either a portion or the entire amount of the FPO to increase your Monthly Benefit. While pended with FPO status, you pay the very attractive FPO rate. Upon activation/conversion, the entire amount of the new, increased Monthly Benefit is subject to the full rate basis. The FPO is not available with the Inflation-Fighter Plan.
You may request a conversion of an FPO amount to increase your Monthly Benefit only during the year of your even age, from age 24 to age 48. (Age is determined as attained age on the nearest November 1, except on the initial effective date, which recognizes attained age on that date.) You will need to contact the Administrator to request this conversion/activation. An FPO amount that has not been converted to increase the Monthly Benefit is not eligible for claim payment consideration.
The FPO option will be terminated at age 50 and the eligibility to convert/activate the FPO amount ends.