Degginger McIntosh & Associates provides access to a number of quality carriers providing flexible options for disability insurance. Whether it is Individual Voluntary Disability or Group Disability offered by your employer, disability plans provide individuals with an opportunity to protect their specific needs. This can include help with day-to-day expenses - housing, food, car payments, even additional medical costs – if an illness or accidents disables you away from the workplace. You won't have to worry about using your savings or incurring additional debt to cover these costs and care for your family.
In certain industries, employers have to be cognizant of what might be missing in their overall benefits program. More and more employees are expecting specific coverages to be included within their benefits package. This is particularly the case with Group Disability. Group benefits typically cover about 60% of your gross income to a maximum level amount (for example $10,000/month). For many, the inclusion of short term group disability can have a dramatic impact on the culture within your organization. For the employer, paying the premiums is another tax deduction. For the employee, benefits received are taxed as income. In the case of group disability, if you leave your employer, you may not be able to take your disability policy with you. Employers that are looking to enhance the overall benefits program for their employees, contact Degginger McIntosh today for consultation on cost and coverage options. As for those who currently provide the coverage, the question your employees need to be asking;
IS GROUP DISABILITY INSURANCE ENOUGH TO COVER MY SPECIFIC NEEDS?
Calculate your monthly needs after tax. Then calculate your salary at 60% and tax the remaining amount. If the net amount is less than your monthly expenses, you should consider adding an individual disability policy to supplement your benefits.
INDIVIDUAL DISABILITY INSURANCE
Individual disability insurance can be your only disability insurance policy (if your employer does not offer a group policy) or can act as supplemental disability insurance, which fills in the gap between your employer-sponsored plan and the amount you need to survive financially if you become disabled. It is important to think long-term and consider the potential devastating effects of losing your income.
|INDIVIDUAL DISABILITY INSURANCE POLICY PROVISIONS AND BENEFITS|
|Provide Evidence of Good Health The insurance carrier can decide whether or not to insure you. As a result, the insurance carrier can be picky with whom they offer coverage to. The good news is this allows the company to be more liberal with policy provisions, providing you with better policy definitions.|
|Portable Policy If you leave your employer, you can carry your individual policy with you and increase it as your income increases.|
|Non-Cancelable Coverage cannot be cancelled by the insurance carrier as long as you pay your premiums on time.|
|Tax-Free Benefits are usually tax-free income during disability if you pay with personal dollars.|
|Protects Your Insurability If you experience an adverse change in health, you can increase your individual / supplemental policy in the future without worrying about losing group benefits if you leave your employer.|
SUPPLEMENTAL DISABILITY INSURANCE
While the same policy provisions and benefits of individual disability insurance apply, note that there is a maximum amount of supplemental benefit you are eligible for based on your income and group benefits in force.
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