Do I need to supplement my group disability insurance with an individual policy?

You might be wondering if a group long term disability provided by your employer is enough to cover you if you become disabled.

Most employer provided policies cover a percentage of income up to a maximum cap, to normal retirement age. While this sounds good, an important factor is that group policies usually cover all employees regardless of their health. This creates significant gaps.

First, to reduce costs, group policy benefits are typically reduced by any social security or workers compensation payments, or other sources of income. Also group policies almost always have significantly weaker definitions and terms. This means if you’re disabled, you might not actually receive the benefits you’re expecting and need. Also your employers can change or even eliminate the group policy without consulting you.

Individual disability insurance can fill in these gaps by having better definitions and guaranteed coverage. Bottom line, people who rely on employer provided coverage are not in control.

If you’d like to be in control financially if disabled, please give us a call or text us at 704-707-5788

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