Having group disability coverage as a part of your benefits package at work is a great start, and something you’re lucky to have. These days, only about 50% of employees are offered long-term disability insurance1. Another thing to keep in mind is the "caps" that are placed on these policies. Many policies offer something along the lines of 60% of your salary, but in the fine print, you could be limited to a maximum. In my personal experience, I have seen caps as low as $2,000 per month. It is incredibly important to understand your group benefits. Other things to consider would be: - Does my group policy cover my bonus or commission income? - Does my group policy cover any sort of retirement contributions? - How does my policy define being disabled? - How long would I have to wait before receiving benefits? In addition, typically you can’t keep your coverage if you leave your employer, and there’s no guarantee your next employer will offer the same benefit. This visual provides a simple way to understand why group benefits might leave you short. |
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1 Employee Benefits Research Institute, The State of Employee Benefits: Findings From the 2018 Health and Workplace Benefits Survey (Jan. 2019), https://www.ebri.org/docs/default-source/ebri-issue-brief/ebri_ib_470_wbs2-10jan19.pdf?sfvrsn=c5db3e2f_10 Individual disability income products underwritten and issued by Berkshire Life Insurance Company of America (BLICOA), Pittsfield, MA. BLICOA is a wholly owned stock subsidiary of and administrator for The Guardian Life Insurance Company of America (Guardian), New York, NY or provided by Guardian. Product provisions and availability may vary by state. Guardian® is a registered trademark of The Guardian Life Insurance Company of America. © Copyright 2021 The Guardian Life Insurance Company of America. Pub4812BLEM (2/21). 2021-116330 (Exp. 02/23) |
