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Today's Terms
Cost-of-living adjustments
Definition:
Each January, your benefits will increase automatically if the cost of living has gone up. For example, if the cost of living has increased by 2 percent, your benefits also will increase by 2 percent.
Survivor Benefit
Definition:
The survivor benefit is a lump sum payment that will provide benefits to the insured's eligible waiting period can also be the time period between when a disability occurs and when payments from the disability insurance policy begin.
Conversion Privilege
Definition:
If included, this option allows employees who are terminating employment to continue some or all of their LTD coverage at their own expense without submitting evidence of insurability.
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