Individual Disability Income Protection is a mandatory asset for any business owner, and extremely acclaimed for executives. If you are a business owner, you really ought to study acquiring both group and individual policies, if conceivable. As an executive, you should be sure to gain group coverage if it is offered. Only forty three percent of large businesses offer group long term disability insurance.
Your likelihoods are even less probable to get long term disability insurance if you work for a small firm. The cost of a plan provided by your company is typically less than you would pay for an individual disability policy and frequently you can obatain coverage routinely without having to qualify medically. If your proprietor doesn’t offer disability insurance then you may want to deliberate an individual disability policy.
Or, you may REQUIRE a personal disability insurance policy to enhance an employer group plan. Always be sure to investigate the group provisions judiciously: What time period does the group disability insurance coverage cover? How much is the benefit? Does the disability insurance policy cover bonus and commission pay? Will the coverage continue if you leave that employer?
A classic Individual Disability Income Protection plan beginss to pay benefits after you have been off work for 1 to 6 months, and recompenses benefits for several years or until retirement age, contingent on the policy.
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