Normal Social Security Retirement Age: What Insurance Agents Need to Know

Normal Social Security Retirement Age: What Insurance Agents Need to Know


July 12th, 2023


As an Insurance Agent, it's vital to understand the different types of coverage available in Occupational Accident Insurance policies.  One of the essential features of these policies is Total Disability Income Protection.  In this blog post, we'll dive deep into the details of Temporary Total and Continuous Total (sometimes referred to as Permanent Total) Disability coverage, including their duration and eligibility criteria. 

 

Temporary Total Disability coverage is a critical feature of any Occupational Accident Insurance policy.  It provides income protection to an Independent Contractor who has a covered accident and is unable to perform their occupation.  The coverage duration for this type of disability benefit is typically 104 weeks.  If an injured worker is unable to return to work within this timeframe, they may be eligible for 

Continuous Total Disability benefits. 

 

Continuous Total Disability Income protection is designed to provide financial support to workers who are incapacitated for an extended period and unable to earn any income.  However, eligibility for this type of coverage is more stringent than Temporary Total Disability.  Most insurance companies require claimants to receive a Social Security Disability Income Award to qualify for Continuous Total Disability coverage. 

 

It's important to note that Continuous Total Disability benefits are typically stated as "to age 70" in Occupational Accident Insurance policies.  However, some insurance companies exclude coverage for individuals who sustain an accident after reaching their Normal Social Security Retirement Age.  Normal Social Security Retirement Age is the age at which an individual can receive full retirement benefits and is determined by the year in which they were born. 

 

For those born in 1960 or later, Normal Social Security Retirement Age is 67, while those born before 1960 range from 65 to 66.  As an Insurance Agent, understanding these nuances is essential when advising Motor Carrier clients on the purchase of Occupational Accident Insurance for their Independent Contractors.   


Understanding the details of Temporary Total and Continuous Total Disability coverage is essential to provide the right guidance to Motor Carrier clients.  It's important to know the duration of coverage and eligibility criteria for each type of protection, especially when it comes to Continuous Total Disability benefits. 


To learn more about Workforce Insurance Underwriters and our new Truckers Occupational Accident Insurance program, click here.


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