Allow Your Individual Ability To Buy The Right Disability Insurance Coverage

My previous blog post discussed the advantages of individual life insurance in comparison to group plans offered by employers or associations. There can be little doubt that individual plans offer more policy choices, including a range of coverage amounts and specific policy options (riders), which lead to superior pricing for consumers. 

In other words, a customizable fit for you versus a “one size fits all” approach!

The same principle applies to disability insurance. Association disability plans are “one plan fits all” by offering a basic plan for the association members. 

Employer group plans are a little better with possible coverage options for 50% to 66% of your salary, but there is a cap (limit) to how much coverage the company is willing to provide for you, regardless of your income. 

In addition, both association and employer groups will offset any benefits should you be eligible for workers comp and social security. In other words, rather than add benefits above what you will receive through those programs, they will subtract those amounts from your coverage through their policies, so that the total amount of your benefits from all sources equals the coverage listed on the policy. As an example, if you receive $1,000 per month in Social Security Disability benefits, and your group plan states $5,000 per month coverage, you will only receive $4,000 from the insurance company under that policy. 

Both group plans will also limit the length of time you can receive these benefits. 

Individual plans, in contrast, are tailored to your occupation, income, experience, and future potential earnings power. You can select short term disability benefits and/or long term disability benefits with numerous options!  Never will workers comp or social security offset your coverage. In many situations, pricing discounts are included – you will not find these in a group plan. 

Most importantly, it is YOURS! It works for your needs and circumstances, not some generic or averaged situation.

Let’s work together to provide you with your own personal tailored coverage to protect your income, your overhead business expenses, even the overall value of your business. Contact me directly by phone or email. You will be surprised how affordable this coverage is, as well as how advantageous! 

My previous blog post discussed the advantages of individual life insurance in comparison to group plans offered by employers or associations. There can be little doubt that individual plans offer more policy choices, including a range of coverage amounts and specific policy options (riders), which lead to superior pricing for consumers. 

In other words, a customizable fit for you versus a “one size fits all” approach!

The same principle applies to disability insurance. Association disability plans are “one plan fits all” by offering a basic plan for the association members. 

Employer group plans are a little better with possible coverage options for 50% to 66% of your salary, but there is a cap (limit) to how much coverage the company is willing to provide for you, regardless of your income. 

In addition, both association and employer groups will offset any benefits should you be eligible for workers comp and social security. In other words, rather than add benefits above what you will receive through those programs, they will subtract those amounts from your coverage through their policies, so that the total amount of your benefits from all sources equals the coverage listed on the policy. As an example, if you receive $1,000 per month in Social Security Disability benefits, and your group plan states $5,000 per month coverage, you will only receive $4,000 from the insurance company under that policy. 

Both group plans will also limit the length of time you can receive these benefits. 

Individual plans, in contrast, are tailored to your occupation, income, experience, and future potential earnings power. You can select short term disability benefits and/or long term disability benefits with numerous options!  Never will workers comp or social security offset your coverage. In many situations, pricing discounts are included – you will not find these in a group plan. 

Most importantly, it is YOURS! It works for your needs and circumstances, not some generic or averaged situation.

Let’s work together to provide you with your own personal tailored coverage to protect your income, your overhead business expenses, even the overall value of your business. Contact me directly by phone or email. You will be surprised how affordable this coverage is, as well as how advantageous!