Many people earning an income over $100,000 a year are severely underinsured when it comes to group long term disability insurance. Since the monthly maximum is usually around $5,000 a month, any income over $100,000 a year should be insured with individual disability insurance layered on top of the group plan.
We always recommend to people that they supplement their group long term disability insurance with a small individual disability insurance plan. The individual plan will lock in your insurability for the rest of your working years, and provide you with a higher income replacement should you ever experience a disability claim. Having both coverages takes you from living off of 40% of your income after taxes, to almost 70% of your income after taxes. An individual disability insurance supplemental plan is very inexpensive, but gives you the comfort of knowing that your income will always be protected regardless of your employers plan, regardless of whether or not you ever leave your current job, and regardless of whether or not you ever have a change in health history. Our coverage will grow with your income well above the group limits as well.
Benefits of Individual Disability Insurance
Benefits are received to you tax free if you pay the premium
More liberal definitions within the policy to pay you more money in more claims scenarios
Berkshire has no drug, alcohol, mental or nervous limitations except in FL. (FL limit 2 yrs)
Higher monthly benefits in the $10-15,000 a month range
Rate guarantees to age 65
Fully portable if you ever leave your current job
Guarantees your insurability for the rest of your working years
"Professionalism and timely responses were re-assuring and greatly appreciated"
Jay Bugler - Irvine, CA
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