How is LifePreserve different?
LifePreserve offers you a unique combination of services and Income Protection Insurance through an end-to-end online platform. But LifePreserve is more than just technology. We also provide live U.S.-based counselors to advise you on a host of financial issues.
What are the plans available from LifePreserve?
LifePreserve currently offers two plans. You can choose the Income Wellness plan, the Income Protection plan, or both.
What is the Income Wellness Plan and how does it work?
The Income Wellness Plan incorporates financial counseling resources and disability event resources. These resources are available to you online at any time backed by real professionals to personally consult with you as you face life’s income challenges. You are not alone.
How long does it take to enroll in the Income Wellness Plan?
Only about 5 minutes. After you enroll, all the information regarding accessing your services will be available to you in your LifePreserve account which you can access from the website.
What is the Income Protection Plan and how does it work?
Our Income Protection Plan combines the LifePreserve Income Wellness Plan with access to a LifePreserve Income Protection Insurance Policy which provides cash benefits paid in the event you are unable to work as a result of an illness or injury. We designed the LifePreserve Income Protection Insurance Policy to cover situations in which you are unable to work for at least 14 consecutive days and you can receive up to six months of benefits.
Income Protection Insurance vs. Disability Insurance – What’s the difference?
There is no difference, it’s all the same.
How long does it take to enroll in the Income Protection Plan?
Within 20 minutes you can complete the enrollment information, apply for the Income Protection Insurance Policy and, if accepted, have all the policy documents and information on accessing your Income Wellness services delivered to your LifePreserve account which you can access from the website.
Does the LifePreserve Income Protection Insurance Policy cover pre-existing conditions?
No, conditions present up to one year before the effective date of your policy are not covered until you have been a policyholder for over 24 months.
Are there other reasons why benefits under the Income Protection Policy would be limited or not paid?
Yes, if you are earning more than 80% of the income you had prior to disability, including the benefit under the LifePreserve Income Protection Insurance Policy, your benefits may be proportionally reduced.
Policy benefits may also be reduced or denied under certain conditions called “Exclusions and Limitations”. Please see policy for complete details or refer to the following FAQ.
Are there any reasons I would not receive benefits if I can’t work because of an illness or injury?
The LifePreserve Income Protection Insurance Plan has “Exclusions and Limitations” that could limit or prevent the amount of benefits you receive. We’ve listed them below and if you have any questions about any of the limitations listed do not hesitate to contact our help desk.
1. Any attempt at suicide, or any intentionally self-inflicted injury;
2. An act of war, declared or undeclared, or participation in a riot or insurrection;
3. Active duty in the armed forces of any nation or international governmental authority or unit auxiliary thereto or the National Guard or similar government organizations;
4. Being legally intoxicated as defined by state law or under the influence of a narcotic or other controlled substance, unless properly administered on the advice of a Physician;
5. Injury or Sickness caused by engaging in an illegal occupation;
6. Being legally incarcerated in a penal or correctional institution for more than seven days or during a period of legal detainment of more than seven days where the period of legal incarceration or legal detainment results in Your inability to meet any work requirements in the definition of Total Disability;
7. Alcoholism or drug addiction, except for drugs as prescribed by and taken according to Your Physician’s advice;
8. Mental or Nervous Disorders;
9. Commission or attempt to commit a felony;
10. Pregnancy or childbirth, other than Complications of Pregnancy;
11. Operating, learning to operate, serving as a crew member of, or jumping or falling from an aircraft, including those which are not motor-driven. This does not include flying as a paying passenger; and
12. Cosmetic surgery, which does not include reconstructive surgery when the surgery is incidental to or follows surgery resulting from trauma, infection, or other diseases of the involved part, and reconstructive surgery because of congenital disease or anomaly resulting in a functional defect.
Why Isn’t Regular Childbirth Covered by the Insurance Plan?
We actually wrote a blog post on this specific topic, you can check it out here.
I Was Just Hired at A New Job and My Disability Benefits Do Not Start For 6 Months, Am I Eligible For The LifePreserve Income Protection Plan If I Will Be Receiving Benefits From My Employer in 6 Months?
As long as you work for at least 1 employer for at least 20 hours per week you may be eligible for LifePreserve Income Protection coverage.
Once your employer’s coverage kicks in, you will need to contact LifePreserve Customer Support if you need to adjust you LifePreserve coverage.
What If My Employer Fires Me After Being Disabled?
If you are hurt at work make sure to check if you are eligible for workers compensation, even if you are fired, if you are hurt at work, you should be eligible for workers compensation in some form. If you have any questions about this process you can contact a LifePreserve Claims Specialist who can work with you through the process of figuring out if you are eligible for workers comp and to help you begin the process of filing a claim through your Income Protection Policy.
What Happens to My LifePreserve Income Protection Insurance Policy If I Am Fired From My Job?
If you have been laid off from your job and did not suffer a disability beforehand you have a couple options,
1. You can continue paying your premiums as you normally would because your policy stays in effect when you move to a new employer. Based on compensation at your new employer you may decide you need either more or less coverage, if this is the case please contact LifePreserve Customer Support and we’ll work with you to get you the appropriate coverage. Please note, you are disabled between employment a claims specialist will help you determine if you are eligible for benefits. If you are not eligible at the time if disability you will receive your premiums back from the last date of eligibility and your policy will be terminated.
2. Two you can contact LifePreserve Customer Support to request termination of your Income Protection Insurance Policy. A Customer Support Representative will help in terminating your policy as of the end of the current billing period. Please note, if you terminate your LifePreserve Income Protection Insurance Policy and you decide to reapply at a later day your rate may change due to a difference in age or potential risk of your new job.
What is the maximum amount of coverage I can currently apply for?
Any applicant under age 60 may be eligible to insure up to $2,000 of monthly income depending on his/her monthly income and other coverage that may be in place.
What kind of financial management problems will LifePreserve help me with?
Our Accredited Financial Counselors provide advice on nearly every kind of financial matter. Subjects range from crisis-type issues—such as foreclosures, collections and repossessions—to planning and strategizing questions involving retirement, college expenses and saving goals. Our counselors are located nationwide and deliver immediate, fact based guidance—confidentially and compassionately—to help you make better financial decisions day after day.
Am I able to contact a live person?
Yes, LifePreserve and our service partners provide one-on-one support with U.S.-based experts.
Are live counselors and help desk representatives available 24 hours a day?
No, generally in person consultations can be made during regular business hours. See below.
LifePreserve Customer Service & Disability Counselors
Monday thru Friday - 8:00 AM CT - 4:00 PM CT - Extended hours available by appointment
Monday thru Friday 7:30 AM CT - 7:30 PM CT
Can LifePreserve help me if I'm already disabled?
Yes, our Income Wellness Plan is available to everyone and can help you with disability life management and financial counseling.
How do I pay for my LifePreserve plans?
LifePreserve accepts payment from all major credit or debit cards. All plans are offered on a monthly payment basis and you manage your payments in your secure LifePreserve account which you can access from the website.
When and how often will I be charged?
When a policy is in force, a payment will be auto-drafted every month based on your policy effective date, or the date that you bought the policy. If you decide to cancel during the 30-day free look period refunds typically take 3-5 business days to process.
Where can I learn more about income protection risks and solutions?
The links listed below can be useful sources of independent information. You can also reach out to LifePreserve Customer Service for help with any questions you might have.
Why was LifePreserve created?
At LifePreserve, we believe that protecting your income is essential to your long-term financial health and achievement of your personal life goals. We believe protection is about support and compassion as much as it is about income benefits. At LifePreserve we take a holistic approach by providing products to help you beyond the scope of a traditional insurance only product.
Is LifePreserve licensed?
Yes, we are licensed as required by law in each state in which we market insurance. You can find a list of our licenses here.
How can I contact you?
What kind of information do you collect?