Employer Disability Insurance
Both Long and Short Term Disability Policies are a very important component of your Employee Benefits Package. Most Employees do not secure this coverage on their own through an Individual Policy. Nobody knows if the day might suddenly come when they are faced with a long-term loss of income. This is a devastating situation, particularly to a family.
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It is our experience that many of these group policies are purchased with the focus on the waiting period….the monthly benefit…..and of course, the cost. Yet great care should always be given to the wording in the contract language. All too often, it is determined after the fact, that the language in the contract does not provide what the Employer and Employee assumed it would. We carefully compare the contracts, and through discussion with our clients, determine the most appropriate wording for their specific arrangements.
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Also, the Disability policies many times renew almost as an automatic rollover. There are often premium dollars which can be saved with the proper attention. Since the Medical coverage draws so much of the financial attention, these policies are frequently overlooked. We make certain to address them every year….from both the standpoint of price and coverage. We work with many different major providers of this coverage. It is important to watch for those ones whose appetite changes….sometimes in your favor, and sometimes against.
Individual Disability Insurance
Most people purchase all types of insurance policies, not many of which truly protect them from a catastrophic monetary loss. Yet relatively few actually buy Insurance to protect their future income. Do you know how much income you would lose if you were unable to work due to an unforeseen sickness or accident? What if you were out of work for 6 months, 1 year, a number of years…..or forever?
This is a large financial exposure to you and your family. Even if you are not married, who is going to pay for your care and living expenses. Some feel that they have a savings cushion to protect them against this type of loss for maybe 3 to 6 months. Do you really want to drain your after-tax savings that took so many years to accumulate?
Some employers provide a level of disability income protection, but it usually is capped at an insufficient amount, or may not provide the scope of coverage which you might need.
It is a very simple and fast process to see what it would cost you on a fixed annual budget basis to secure this extremely important component of your financial protection.