As an employer, Individual Disability Income Protection is not an option, it should be a requirement. If possible, it would be beneficial to purchase group and individual policies as security. Out of all large companies, less than half provide group long term disability insurance.
If you are employed by a small company, chances are slim that they have long term disability insurance. If your employer does offer it, your plan costs would probably be less thru them. You can usually get coverage automatically if it is offered. If they don’t have it, you should look into getting an individual disability insurance policy to protect you in the event something happens.
Sometimes, you may feel that you want to have more insurance than your company offers. If this is the case, you can supplement your employers group plan. It is a must to look over the fine print. How long will the coverage last and with what stipulations? What are all of your benefits? Does it only cover your regular pay?
Most disability plans start to pay benefits after you are out of work for one to six months. Depending on the policy, it will cover you for a set number of years or until you are ready for retirement.
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