No Disability Insurance ?
If it's time to head for work but you are unable to get out of bed. Last week while waiting for a traffic light to change, a distracted driver plowed right into the back of your car. Your car did not fare well and neither did you. Now your back hurts . . . . . a lot.
You call in to take the day off work but you know from how your back feels this pain is NOT going to go away in a couple of days.
You have already used up most of your sick pay and what will you do if the boss has to let you go until you're able to return to work? What will you do for income when the paychecks stop?
Having neither personal long term disability insurance nor group disability insurance paid by your employer, you and your family may have some hard times ahead. If you were physically unable to work, how many months could you and your family survive financially ? How long would that be : 3 months, 6 months, 1 year or 5 years ?
How will the mortgage and the car payment get paid ? How about groceries and utilities ?
If you have not become disabled, you would be wise to talk with us to see what can be done to provide a SHIELD for your payhecks.
(If you are already disabled, it could be too late to get that shield.)
If Your Employer DOES Provide
Group Long Term Disability Insurance
It is great news that at least some of this important protection for your paychecks is paid for by your employer. Be sure you are grateful and it won't hurt, if you have the opportunity, to say thanks to them for providing this protection for you and your family.
But, in most cases these plans do NOT provide complete protection for your income and you should be aware of the shortcomings.
Those shortcomings are :
You are not the owner and you do not have control over these group plans. They can be changed or no longer offered at the discretion of your employer or the insurance company.
The benefits are most often 60% of your gross covered pay (some plans pay as little as 40%).
The benefits are taxable so 60% is not what you take home (60% of gross pay minus taxes = what you get when disabled).
If part of your compensation is in the form of a bonus or a commission, neither of these may be counted as part of your compensation for the purpose of calculating your disability benefit.
There is likely a cap on the monthly benefit amount the insurance company will insure. This provision tends to discriminate against the higher-paid employees, however, many of these shortcomings can be made up for with a private supplement that you own and control.
After an analysis of your specific situation we can design a plan to fill the gaps in your existing employer-paid group disability income protection. Then in the case of a serious disability you won't find yourself without an adequate income. You can focus on getting well rather than compounding your health problem with the stress of not being able to pay your bills. Before contacting us, please get answers to the following questions about your company's plan :
What percentage of your gross pay is the size of the benefit (40%, 66%, or other)?
How long is the waiting period before the benefit begins (30 days, 60 days, 90 days)?
What is the monthly cap ?
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