Do you feel you have less coverage, higher deductibles & out-of-pocket expenses?
The perception of the general public, has and will continue to be that Disability Income Insurance is not as useful or necessary to most individuals as Medical or even Life Insurance.
- Most wage-earners, mostly with employer-paid contributions, purchase MEDICAL INSURANCE.
- Large proportions of these same wage-earners purchase group and/or individual LIFE INSURANCE.
- Only 1 out of 4 has any DISABILITY INCOME INSURANCE.
As health insurance costs rise, your plans may suffer some basic changes to make them affordable to you.
The distinction in this nomenclature is that these benefits are not provided by the employer as part of a compensation package.
The characteristics of employer-provided short-term disability benefits are:
- You must have used up all of the leave (sick AND vacation) available;
- Benefits are limited to 60% of your income at the time of disability; and
- Benefits are taxable.
- Benefits are generally not paid if you qualify for Workers’ Compensation.
So, why purchase supplemental disability insurance if your employer is providing a similar program as part of your package? The answer to this question is simple and straightforward: Read more…
Talk to 20-yr-olds about purchasing Disability Insurance, and they look at you as though you have grown a second head.
This demographic almost always thinks that only “old” people get disabled; that there will be plenty of time to obtain this type of coverage. They feel their money is better spent on …
- gym memberships
- a weekend away
Almost ANYTHING that is more fun than another type of insurance, “for heaven’s sake.”