Supplemental Disability Insurance
Is Supplemental Disability Insurance worth it?
Disability insurance offered through your work is a good benefit and a great start to building a financial strategy that protects your ability to earn an income. But if you rely solely on your group long-term disability coverage, the percentage of income replaced can be inadequate.
Sicknesses and injuries can happen when you least expect it. Adding individual-owned disability income insurance to disability coverage you have through work helps protect more of your income by filling in the gaps. Having supplemental disability insurance equips you to be better prepared financially and protect more of your earnings.
Benefits of Supplemental Disability Insurance
One of the biggest benefits of disability insurance is that it allows you to take time to focus on your health without the added stress of not being able to work.
When selecting Supplemental Disability Insurance, it's important to keep in mind the following aspects:
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When you purchase supplemental disability insurance with after-tax dollars and become disabled, your benefits are received tax free.
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Your supplemental disability insurance can offer built-in features and riders typically not found with group long-term disability coverage.
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Your coverage is portable. If you leave your current employer, there will be no changes to the premium or benefit amounts of your supplemental disability insurance.
