Employer Disability Plans
ARE NOT "TRUE" OWN SPECIALTY COVERAGE
Request "TRUE" Own Specialty Disability Quotes
Your Employer Disability Policy is not good enough...
Group coverage is NOT True Own Specialty – Group Disability Insurance does NOT allow you to earn another income if you are collecting your disability benefit, it’s one or the other. True Own Specialty Disability Insurance pays your Full Tax-Free monthly benefit if you suffer a sickness or injury that prevents you from working in your specialty without limiting restricting your ability to continue to work in another occupation.
Benefits are taxable – While suffering a disability the last thing you need to worry about is your tax bracket. Although the cost of the coverage is FREE, the tax liability attached to your group benefit seriously impacts your ability to provide for your family and your current lifestyle.
Partial Disability/Residual Disability is extremely unrealistic to qualify for – Your group policy might offer you a 90 day elimination period but that waiting period must be met over 90 consecutive days. Statistically speaking, the majority of disability claims arise from a disability that has been developing gradually over time, making 90 consecutive days of missed work impossible to satisfy if partially disabled. In order to qualify for partial disability, the insured must first be totally disabled and then return to work on a part-time or limited income basis.
Cost of Living adjustments are non-existent – the cost of living continues to increase regardless of our ability to work. And while an applicant is collecting disability their policy should be increased to keep pace with the rise of inflation. Employer-Sponsored Long Term Disability policies rarely include a provision to protect against cost of living increases.
Your Income is not fully covered – Employer-sponsored Long Term Disability Insurance only provides coverage for up to 60% of your BASE income up to a specified Cap. If your base income is only 100,000 per year but your total income is 300,000 per year, your Group Policy will only provide you $5,000 per month of taxable benefits because coverage limits are calculated off of your contracted base income.
Coverage is not guaranteed – although you may have a group policy today that doesn’t mean you will have a group policy tomorrow. Your Employer-Sponsored plan can be canceled, changed, or modified leaving you and your income vulnerable.
Coverage may not be portable – If you change jobs or elect to go into private practice you may not have the choice to bring your policy with you. If you do have the choice the premiums are expensive and not guaranteed.