You are disabled (temporarily though) and you don’t have much sick leave to your credit. You have to manage the day to day expenses by drawing from your savings. The doctor’s bill and expenses on medication are mounting!

Months back you had passively heard an Insurance Inspector explaining to a group of your colleagues about the disability insurance proposals and benefits, but you did not pay much attention to it. The reality of the situation is before you now. You are advised bed-rest for a minimum period of three months; you have received multiple fractures on your right hand!

Destiny plays its part in every suffering that you undergo, but you need to have a practical approach to the realities of life. Normally, short term disability insurance program cover you for 180 days loss of income, due to injury or illness.

When your income source goes abruptly dry, you understand what it is. The food bills, car installment, petrol expenses, mortgage loan installment and even the annual house tax payment are due next month! Due to disability your initiative and enthusiasm are hit hard. You stand on the drawing room gallery and stare at the blank sky.

If you have a disability insurance cover policy with a reputed insurance company, they will handle your claim very promptly. As soon as the unfortunate event happens, just inform the insurance company over the phone and they start processing your claim immediately.

The initial telephonic survey takes about ten minutes. And you are paid the amount due within a matter of days. Their monitoring of your sickness is very helpful. They encourage you to resume duties as soon you are well even before the period of the expiry of the policy. At the same time they pay you benefits up to 100% of your pre-disability income.

When you are disabled, de-spirited and depressed, what you appreciate is sympathetic understanding of your situation and prompt service. The leaders in this sector of insurance are leaders precisely on account of their sterling performance in the service sector.

In the light of the above information if you are inclined to take a disability insurance policy, you can get the latest and correct information and quotation online. It is preferable to take such information through an insurance broker. Their small percentage of commission far outweighs the authentic information they provide to you.

Deal with an established broker and deal with a reputed company. Their premiums may be slightly on the higher side, but there are well-founded reasons for that. Should the unfortunate event happen, you must get your claim and that you must get without any hassles and well in time. After all, this is what disability insurance is all about!

There are several companies that are offering long term care insurance. These companies offer a broad range of selections and benefits for policy holders and business investors alike. When choosing from a long list of insurance providers, make sure that you opt for a company that is capable of providing you with the most reliable and affordable insurance policies. Whether you want to buy insurance terms for your family or for your business, ensure that you acquire long term coverage and protection from your choice insurance provider. This will allow you to make the most out of your life, without worrying about future circumstances.

There are different types of disability insurance policies. An example of these lets you obtain a monthly income that is non-taxable. This is provided to clients aging 65 years and below. Compared to all types of disability insurance terms that offer long term coverage, the former is perhaps the most sough-after by insurance buyers. There are general rules for this insurance term. However, there is an application of different policies and rules if the customer is completely disabled at the age of 60 and above.

Companies that offer disability insurance also provide you with income benefits. The extent of these benefits depends on your salary after the maximum expiration date of your short term care insurance. Typically, workers are enrolled within a disability insurance that has a short term policy. This kind of policy is usually promoted by the company that they are working at. The best thing about this type of workers’ insurance is that offers financial benefits. It also secures or reimburses a certain percentage from the income of the worker, in the event that he or she is suffering from a disability.

During the expiration period of the disability insurance policy that offers short term protection, long term policies come in. This means that you will still be able to obtain income and benefits from the company that you are employed at. The income benefits that you will be receiving may be adjusted annually, semi-annually, quarterly, or monthly. What is more, they are based on United States’ Consumer Price Index percentage change. On the other hand, you can also go for premium benefit through monthly annuity. This provides you contributions each month, at an amount that is equivalent to your monthly income’s percentage. This is normally decided by the insurance company, during the issuance of insurance quotes.

The Survivor Income disability insurance benefit reimburses the family of the client immediately one month after the incidence of a death. The amount of the benefit is equivalent to the previous monthly income that the policy owner has received, which is then multiplied by the amount that has been placed by the provider of the insurance.

Long term care insurance providers make sure that they provide their clients with quality services and maximum benefits. However, this is not the only factor that you have to consider, when searching for a reliable company. Make sure that their rates are affordable enough. You will be able to determine if you can fit the policy to your finances by acquiring insurance quotes. The most convenient way of obtaining quotes is through online sources such as Best Insurance Quotes & Service LLC. The Internet offers you search engines and insurance quote providers to help you compare insurance policies easily.

When faced with the option of whether to purchase disability insurance, many consumers say no without fully understanding the consequences of their decision. The major reason why so few people opt for a smart amount of disability insurance is that disability insurance policies are not as widely held or as commonly discussed as life or health insurance policies. This leads to the current situation, where many people remain uneducated as to the possible benefits that disability insurance can offer them.

Disability insurance works within a fairly simple framework. In the event you become disabled in some way and cannot do the job that you are trained for and accomplished in, your insurance will pay you some amount of tax-free replacement income. Disabilities come in many shapes and forms, and anything from vertigo to obesity to any other condition that interferes with your ability to work can potentially make it possible for you to file a disability insurance claim.

To many people, disability is a word that brings to mind hospitals and medical costs. To be certain, you may require a substantial level of care in order to recover from the injury or illness that has made it impossible to work, and having good health insurance is an important part of making it through this kind of situation with your bank account still in the black. However, it is all too easy to forget about the fact that if you find yourself in this situation, medical costs are just one piece of the financial pie. If you cannot work because of a health condition, trying to keep your home, car, and other assets can be a serious struggle without the assistance that a disability insurance claim can offer. The exact amount of money you will receive as income replacement varies depending on the kind of policy that you have, but most people who have disability insurance are insured for roughly half of their normal gross income. This kind of helping hand during the difficult period of recovery after an injury or illness can mean the difference between being able to make ends meet or falling deeply into debt.

Although few people enjoy planning for a worst case scenario, spending some time figuring out how you could financially weather becoming disabled may lead you to put some important plans into place. This kind of forethought can help make a difficult period much more bearable. Many people find that knowing they are prepared for the worst helps them enjoy more carefree times; so consider taking out disability insurance for your peace of mind as well as for its other benefits.

A lot of people are worried about what would happen in the event they were unable to work. In fact, the inability to work due to an accident or illness is something that frightens many people and is the main caused for the need for disability insurance. Statistics show that becoming disability prior to age 65 is a real possibility for large percentage of working people and one out three of them will be disabled by their mid-fifties.
As you know the older you got, the more likely it was that you would become injured or sick and unable to work. The below is the statistic report of the industry advisory committee for individual health insurance policies provided by national association of insurance commissioners.

Lives disabled in one year per 100,000 active lives exposed
Age disability
1. Age of 22 to 26
Out of 100,000 participants 3923, 664, 75, 51, 27, 16 are still disabled at the end of 1 , 3 , 6 month(s) and 1, 2, 5, 10 year(s) accordingly.

2. Age of 27 to 31
Out of 100,000 participants 3877, 657, 72, 52, 29, 19 are still disabled at the end of 1 , 3 , 6 month(s) and 1, 2, 5, 10 year(s) accordingly.

3. Age of 32 to 36
Out of 100,000 participants 4372, 778, 91, 63, 39, 26 are still disabled at the end of 1 , 3 , 6 month(s) and 1, 2, 5, 10 year(s) accordingly.

4. Age of 37 to 41
Out of 100,000 participants 5029, 981, 119, 87, 45, 38 are still disabled at the end of 1 , 3 , 6 month(s) and 1, 2, 5, 10 year(s) accordingly.

5. Age of 42 to 45
Out of 100,000 participants 5895,1257, 172, 129, 85, 60 are still disabled at the end of 1 , 3 , 6 month(s) and 1, 2, 5, 10 year(s) accordingly.

6. Age of 46 to 52
Out of 100,000 participants 6918,1676, 283, 219, 148, 105 are still disabled at the end of 1 , 3 , 6 month(s) and 1, 2, 5, 10 year(s) accordingly.

7. Age of 53 to 56
Out of 100,000 participants 8158 , 2239, 463, 372, 260, 178 still disabled at the end of 1 , 3 , 6 month(s) and 1, 2, 5, 10 year(s) accordingly.

8. Age of 57 to 61
Out of 100,000 participants 9816,3110, 842, 707, 501, 328 still disabled at the end of 1 , 3 , 6 month(s) and 1, 2, 5, 10 year(s) accordingly.

9. Age of 62 and beyond
Out of 100,000 participants 11737, 4420, 1491, 1286, 910, 558 still disabled at the end of 1 , 3 , 6 month(s) and 1, 2, 5, 10 year(s) accordingly.

I hope this information will help. If you need more information of the above subject, please visit my home page at:
http://disabilityinsurance17.blogspot.com/
http://lifeanddisabitityinsuranceunderwriter.blogspot.com/
http://businessdisabilityinsurance.blogspot.com/

All rights reserved. Any reproducing of this article must have all the links intact.

Millions of people are insured by group long term disability plans. However, there are drawbacks to this coverage and situations where the policies will not pay. Unfortunately, many group plans do not pay for the type of disability that is most likely to occur. Theoretically, you are covered. But are you?

Let’s contrast some of the more important contract provisions in a group LTD plan and an individual policy. You can come to your own conclusion.

Can the Coverage Be Cancelled?

Group LTD plans can be cancelled in two ways. First, the insurance company can cancel the plan if their claim experience is bad. Second, your employer could decide to terminate the plan at any time. If a company can downsize, it certainly can curtail benefits.

When you buy an individual disability insurance policy, the insurance company can never cancel the policy. You alone decide when you want to coverage to stop.

Can Premiums Be Increased?

If the insurer sees an increase in claims, it will raise the premium on a group LTD plan. Individual policy premiums are frozen for the duration.

Portability

What if you change employers? You cannot take your group plan with you. By contrast, your individual disability income plan is completely portable since it is not tied to any company employer.

Today, the average person will change jobs 7 times during their career. There is no assurance that each employer will offer a long term disability plan.

Taxation

Group long term disability benefits are taxable just like income. Individual policy benefits are 100% tax-free.

Offsets

Group LTD benefits are reduced by the amount of benefits received from Social Security, Workers Compensation, state cash sickness program, etc. Individual policies have no offsets.

Own Occupation

Individual policies have the ability to protect the individual in his or her “own occupation.” Typical wording for the definition of disability for group LTD, as it pertains to occupation, goes something like this: “For the first two years, the inability to perform each and every duty of your occupation; after two years, the inability to engage in any gainful occupation.”

This means you are covered in your occupation for two years. After that, if you can sell pencils on the street, the insurance company will not pay.

Certain occupations can be covered forever by individual policies. For example, if a urologist becomes disabled to the extent he or she cannot practice the specialty of urology, but could teach urology at a medical school, the individual policy would continue to pay the disability benefits. Moreover, the doctor would receive both the individual policy disability benefits and the medical school teaching salary.

Presumptive Disability

Disabilities that are “presumptive” are those where the insurance company will pay the full benefit even if the person is fully employed. Examples are the loss of use of two limbs, loss of sight, hearing or speech. A person who is in a wheel chair because they lost the use of their legs in a car accident is a typical example. This is a benefit provided by individual policies, but not by group LTD plans.

Partial Disability

This is the most important distinction because over 70% of the claims filed at insurance company home offices are for partial disability. The person is not completely unable to work. Their disability may only allow them to work a certain number of hours per day and their salary is adjusted downward accordingly.

An individual plan pays a percentage of the total benefit that represents the percentage of income lost. For example, if a person making $5,000 a month with a $3,000 a month individual policy benefit loses 60% of their income due to a disability, the policy would pay 60% of $3,000 or $1,800. Most group plans do not pay for a partial disability.

Conclusion

You have seen that group long term disability income plans can be cancelled, premiums waived and lack portability. Benefits are taxable and are offset by other plans. They posses no ability to protect an occupation and, most important, most do not pay for the type of claim most likely to occur: partial disability.

Individual disability insurance plans do not have these limitations. They cost more, but when it comes to disability coverage, you get what you pay for. If you get in an accident or develop a sickness that inhibits your ability to put food on the table, your thoughts are not focused on what the premium is for your disability income insurance coverage. You simply want to know when your disability check will arrive in the mail.

Insurance, needless to say, is a very well known word in the whole world. Not only Life insurance, Vehicle insurance, Building insurance, people today go for even body parts insurance, say eyes or voice insurance. And talking about Disability Insurance, it is definitely one of the much sought after types of insurance.

This insurance, justifying its name, helps the policyholder to take care of his or her necessities when the person fails to attend work due to illness or injury. Some surveys show that one in three people becomes disabled at the age of 35; they get disabled minimum for three months before attaining the age of 65; and one in ten may face permanent disability. This type of coverage will, undoubtedly, solve some of your financial problems such as medical and rehabilitation expenses.

Generally, disability insurance is available in two kinds: short term disability insurance and long term disability insurance. Long-term insurance covers periods more than six months till the time of retirement. No insurance company will offer coverage of 100% of your income fearing that you will not go back to work even after becoming fully fit. Short-term disability insurance covers 40% to 60% of the policyholder’s actual income
while long-term insurance will offer 75% to 80% on a tax-free basis. Therefore, it is wise to get as much coverage as possible.

Either, people can go for disability insurance issued by the government or get it as insurance package provided by their employers. Mostly, the insurance coverage provided by the employer ends at the time of termination of one’s job. Several US States are able to manage public disability insurance coverage policy financed by payroll taxes.
Again, you have to look into several important factors while choosing a disability insurance policy. Such factors as total disability and renewability have to be considered carefully.

Choose the policy that provides the clause that the insurance company cannot cancel or raise your premiums so that you will not be forced to cancel it. Better look for a non-cancelable policy or guaranteed renewable policy. With this policy you will not be singled out and the raise in premiums could be done only with the consent of the whole class of insured people. Conditionally renewable policies are also welcome.

Other policies needed to be taken into consideration are residual insurance– for hardworking lot falling ill or getting injured; presumptive insurance– protecting severely affected ones; and recurring insurance– for helping people who, after recovery, become disabled again.

Also, elimination as well as benefit periods and policy exclusions ought to be keenly studied. To promote disability insurance, various optional riders such as cost of living, are available. The additional clauses also comprise automatic increase rider, social-insurance-substitute-rider and residual-disability insurance. So, know everything about the policy before going for it. An informed choice is always a better choice.

Own occupation disability insurance is a great policy to have when preparing for your financial future. With many different insurance policies out there, having your own occupation disability insurance coverage can be beneficial and practical. Selecting insurance coverage that suits your individual needs can be difficult, but with the right preparation it is a task that can be completed. Insurance policies are highly dependent on a number of variables that an insurance agent will need to go over to ensure the best protection and to select the appropriate policy. With all of the different insurance companies and policies, there is sure to be a policy to suit every individual’s needs.

Own occupation disability insurance is a great way to protect yourself against the fine-print from workers’ compensation policies or if you are in a high-paid profession. Unlike other policies, your own occupation disability insurance coverage can insure for partial disability. In some cases, an accident can render a person partially disabled. Although the person is still capable of performing some job function, they are not capable of performing the major tasks inherent to their own occupation. These insurance policies can payout for partial disabilities or injuries that render the person incapable of fulfilling the needs of their own occupation.

For most insurance companies, it is essential to know whether or not the disability was predictable and resulting from a previously-known chronic illness. Prospective policy holders should consult with several different insurance companies to determine which policy suits their individual needs and which policies are the most beneficial for their particular profession. Finally, there are many monetary variables that greatly affect coverage and particular policies. This includes questions regarding payout amounts, frequency, and duration.

There are many different own occupation disability insurance policies to look into. Prospective policy holders should decide between policies that cover partial disability or full disability. Interested persons should also know whether their policy provides partial benefits and return to work benefits, both of which can be highly beneficial and necessary to policy holders in high-pay professions. It is also essential for interested person to do their research on the actual insurance company to make sure the company has staying power. In the recent up and down market, prospective policy holders should invest in a company with long term potential.

Prospective policy holders of own occupation disability insurance policies can save money by doing their research. Although the task may seem trying, there are numerous companies that are willing to do some of the legwork in order to prove that their company is the best option. Luckily, many insurance companies can provide basic information and policy coverage online, and agents are always willing to help.

A disability can strike anyone at anytime. Having disability insurance coverage is essential. Professionals with high paying occupations or professionals who are self-employed should pay careful attention to own occupation disability insurance.

Own occupation disability insurance is a personal insurance policy that can cover partial or full disability that is directly related to an individual’s profession and can fit the exact needs of the professional. Insurance agents are ready and willing to help prospective policy holders with any questions. With the number of insurance companies and insurance policies, there is an appropriate insurance policy for everyone.

Two main methods of providing disability income in life insurance policies are: waiver of premium and combination policies.

1. Waiver of Premium

Many life insurance policies offer a “waiver of premium” provision in the event the policy owner becomes disabled during the term of the policy. A separate premium is payable for this additional coverage or rider. For tax purposes, the adjusted cost basis of the policy does not include any additional premium payable for this benefit. The payment of this type of benefit does not represent a disposition for tax purpose, since it is paying an amount equal to the premium to keep the policy in force.

2. Combination Policies

A policy that is considered exempt allows the cash values in the plan to accumulate on a tax-deferred basis. Recently, some insurers have designed policies that allow the addition of the disability benefits within an exempt life insurance policy.

These policies provide both (i) life insurance protection and (ii) disability income benefits. For example, one type of policy allows the cash values of the insurance policy to fund all or a portion of the disability premium. The cash value can also be used to finance the disability benefits. Therefore, the Elimination Period for the disability benefits can be extended, which has the effect of reducing the costs of the disability plan.

There are several some advantages and disadvantage to these combination products:

Advantages of combination policies

a)The packaging of insurance benefits into one product can simplify the process for the prospective purchaser.

b)The completion of the application and underwriting requirements for the combined policies may be quicker as duplicate questions and medical tests can be avoided.

c)The policyholder can benefit from reduced policy charges under a combined policy.The premiums for disability insurance benefits are normally an after-tax expense.

However, the cash values of the life insurance policy that are growing on a tax-deferred basis can be used to fund the charges under a combined program. The policyholder, therefore, benefits due to their ability to use the tax-deferred investment income under the exempt life insurance policy to fund some or all of the disability premiums.

d) Combining disability insurance and life insurance creates flexibility for premium payments. Generally “disability only products” require the payment of a level annual premium.

By including disability coverage within an exempt insurance policy, it is possible to build up a cash reserve that can be used to fund future morbidity or disability costs.

2. Disadvantage

a)It can be very difficult for one company to provide the best products in both the life insurance and disability product lines. A policyholder may have to forgo some important product features when dealing with a combination product.

b) A combination product may not be as flexible as separate policies once the policy is in force. A policyholder with separate life and disability policies could make changes to one policy, such as surrender the policy, without affecting benefits under the other policy. This may not be the case with a combination product.

c) As they are relatively new to the marketplace, the tax treatment of these types of plans is still in the process of evolving. Taxation department may disagree with the insurer’s position that the cash values of an insurance policy can be paid out tax-free in the event of disability. As well, the calculation of the adjusted cost basis of the insurance policy could be impacted by taxation department interpretation of the rules and the combination of benefits under an insurance policy could affect its exempt status.

I hope this information may help. If you need information, please visit my home page at:

All rights reserved. Any reproducing of this article must have all the links intact.

http://disabilityinsurance15.blogspot.com

http://lifeanddisabitityinsuranceunderwriter.blogspot.com/

Disability insurance is one of the most overlooked types of insurance. People will provide insurance for their cars and their property, but they often overlook the risks of everyday life on their families. Disability insurance provides you with funds when you cannot work to help pay for your household expenditures.

Why do the majority of individuals pass by this kind of cover?

While there is no way to know, it is often thought that people have the idea that they will not get hurt and they will be able to work as long as they would like. Unfortunately, this does not occur for most individuals.

People become ill or are involved in accidents without any warning, which could devastate a family that is dependent on their family for financial stability.

Disability insurance is often purchased as part of life insurance coverage, but can be sold separately. This is often called total and permanent disability insurance. It gives you finance to take care of your expenses if you cannot work.

There are also some disability insurance plans that provide for temporary coverage, but this may also be provided by your health provider or your worker’s compensation (should you be hurt on the job). This type of temporary coverage is called income protection insurance.

Coverage Under Disability Insurance:

Coverage under disability insurance will range based on the policy you select to use. This type of insurance will range widely from lump sum payments to monthly payments. The payout will happen when you are unable to work. Yet, it often will take at least six months after you have been deemed to be unable to work again for the disability insurance to kick in.

When getting disability insurance, be sure to consider payments that occur over your lifetime as one of the best ways to manage financial goals when you cannot work. There may be lifetime limits on this type of insurance, and there may be restrictions on what type of disability will be qualified. For example, if you are unable to work at your current position, your insurance provider may not pay out unless you cannot work in any reasonable position.

Questions for Your Provider:

When talking to your provider for disability insurance, there are a number of questions to ask the provider to know what your policy will and will not provide.

* How do premiums change over time? Premiums for disability insurance will generally be the same throughout your life, but should be carefully considered against inflation.

* When are premiums paid? Some disability insurance companies allow you to choose how often you will make payment on your disability insurance. This is usually monthly or on a fortnightly routine.

* What restrictions are in place with insurance? The policy may have a specific amount that it will pay out as the maximum for your needs.

* What types of disability qualify for a claim?

These are just some of the questions you need to ask your disability insurance provider to get the best policy for you.

Ways to Save on Disability Insurance:

Disability insurance will range in price depending on the risks you have. For example, if you work in a position where there is more risk of you being hurt or injured severely, you may have to pay more for your insurance.

You may be able to lower the amount you pay in premiums on your disability insurance by combining the cost of this policy with others. There are several other types of insurance protection that could be included with your disability insurance. The most common type is life insurance.

It is also helpful to get quotes from several insurance companies to find out what the costs to you are for disability insurance. When comparing these types of insurance, be sure to compare like policies between companies. Also, lower or raise the cover amount to match your needs. While it is tempting to lower the amount you will receive at payout to get a lower payment on the insurance, this could be costly when you need to use those funds.

Beware Before Signing:

When it comes time to sign your disability insurance contract, read through it and understand all requirements, premiums, length of time as well as overall coverage. By law, it is required that the insurance company provide you with a thorough outline of what the policy provides. If you have questions about your policy, now is the best time to ask about it. Specifically request to discuss limits, costs and inflation.

Additional Coverage to Consider:

There are a few other kinds of cover you might want to think over as well as disability insurance. Trauma and critical illness insurance is one option which will provide you with a payout should you suddenly be diagnosed of an illness or injury (of qualified options.)

As mentioned, a life insurance policy is quite helpful in protecting your family from your death. Living expense insurance is also helpful as it will provide your family with daily living expenses when you are ill and will pay for daily living costs.

If disability income insurance is the protection you need, shop around and compare policy features before making a purchase. Some professional insurance agents consider the ideal disability policy to be a form called ‘own occupation’ coverage. But the average life of a disability insurance policy is about 5 years. Even if you have long-term disability insurance through your employer, you may want to consider an individual policy as well. That’s why after recently meeting with his financial planner, he decided to supplement his employer’s disability coverage with an additional long-term disability insurance policy.

Sometimes, your employer pays for an individual disability insurance policy on you. You choose the length of your waiting period when you purchase your individual disability income insurance policy. During this process, the insurance company collects information about you and uses it to decide whether to issue you a disability policy. They are not affected by payments from any other individual disability insurance policy you have purchased. Neither long-term care nor long-term disability insurance terminates once it pays a benefit unless the maximum benefits of either policy are exhausted.

Unearned income you may receive includes private disability payments from an insurance policy or short-term and long-term disability coverage from your employer. The maximum normally allowed under a disability policy is 60-66% depending on the insurance carrier. If you’re not sure, an individual disability insurance policy can help. In summary, as the disability insurance market continues to deteriorate, every physician should perform a “policy check-up” to better understand his/her policy. Business Overhead Expense (BOE) insurance is a disability policy that reimburses the practice for specific overhead expenses if a shareholder is disabled.

Variables in coverage Insurance is always complicated and disability is no exception. Benefits are taxed, however, if your employer pays for the disability insurance coverage. Long-term disability insurance usually kicks in after short-term disability coverage ends – typically after six months. Free disability insurance quotes to help consumers find insurance coverage with the lowest rates for disability insurance. As with many other insurance plans, having disability insurance coverage usually makes more financial sense than not having it.

Although it gets less attention than life insurance, experts agree that disability coverage is at least as important. Nationally recognized attorneys representing medical, dental, business and legal professionals in disability insurance coverage disputes with carriers throughout the United States. Lack of coverage could ruin your family’s lifestyle but disability insurance will ensure a continuous income stream. One coverage I don’t have is disability insurance that will cover my loss of income in case of accident or extended illness. Most school districts do not provide disability insurance coverage for their employees. individual coverageDisability insurance may be included in your benefit plan from your employer or union. While on a disability-related leave, you may continue your insurance coverage by paying premiums directly to the Lab’s Payroll Office.

For a longer illness, lasting six months or more, your employer may provide group long-term disability income insurance. Employee Benefits Disability benefits from your employer may include workers’ compensation insurance for work-related injuries. In either case, you should find out as much as you can about the group disability insurance provided by your employer. Group disability insurance can be fully paid by your employer or may require an employee contribution. When you purchase disability insurance through your employer, you may be able to have premiums deducted from your pay on a pretax basis. Plus, one overwhelming advantage of personally owned disability insurance is that it cannot be reduced or terminated if you leave your current employer.

Your employer or association-sponsored group disability insurance plan may not be all you think it is. However, be aware that benefits paid by group disability insurance policies paid for by an employer are usually taxable. If your employer is among those who have overlooked disability insurance, you may want to suggest a reallocation of benefit dollars. You’re actually less likely to get long-term disability insurance from your employer than life insurance.

http://www.insurance-health-quote.com/disability-insurance/