"Disability income protection coverage" is a policy which provides for periodic payments, weekly or monthly, for a specified period during the continuance of disability resulting from either sickness or accident or a combination thereof, which: (1) provides for periodic payments in an amount of at least $100 per month payable at ages through 62 and $50 per month at ages after 62; (2) contains an elimination period no greater than: (A) 90 days in the case of a coverage providing a benefit period of one year or less; (B) 365 days if the benefit is payable for not less than two years and is payable in an amount of at least $200 per month; or (C) 180 days in all other cases during the continuance of disability resulting from sickness or injury; (3) has a maximum period of time for which it is payable during disability of at least six months; (4) this
section does not apply to those policies providing business buy out coverage.
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