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You may have a false sense of financial security if you only have a group long term disability insurance policy. Individual disability policy attorney Nancy Cavey suggests that you supplement your group coverage with an individual disability policy so that you can have financial peace of mind.
Did you know that:
1. Most employer sponsored group plans provide a benefit of 60% of your base salary up to a maximum monthly amount.
2. An individual disability policy can protect the portion of your income not covered by a group plan and will generally cover 80-90% of your total compensation, including bonuses and commissions.
3. If your employer pays a premium for the group coverage, you’ll have to pay taxes on any group benefits your receive. Benefits from an individual disability policy aren’t taxable as long as you paid full premiums with after tax dollars.
4. If you suffer total disability, neither you or your employer can contribute to a 401K since you wont have any earned income credit however, some individual disability policies will insure continued retirement contributions if you purchased a rider.
5. If you change employers, you won’t be able to carry your group insurance to your new employer. An individual disability policy is yours, policy you own and it protects you regardless of where you work.
6. Your group coverage can be changed or even terminated by the insurance company. Worse yet your insurance premiums can be raised. An individual disability policy can’t be changed and canceled by insurance company. Premiums can’t be changed before the age 65.
If you
have questions regarding your eligibility for long term disability benefits or how to appeal a claim that’s been denied, contact individual disability attorney Nancy Cavey.
Unfortunately, many group disability carriers don’t make it easy for the disabled to get access to the benefits they deserve. If you have a medical condition that makes it impossible for you to work and you’ve been denied your benefits, Nancy Cavey can cut through the red tape and fight for your benefits no matter where you live in the United States contact her today at 727-477-3263.