If you are like one of the millions of Americans who unexpectedly becomes unable to work each year due to illness or injury, the last thing you want to worry about is how to continue paying your bills without an income.
If you are looking for more protection, you should consider adding extra coverage on top of your long term or individual disability plan. Supplemental disability insurance can be a great add-on for employees and individuals who wish to protect a greater percentage of their income, bonuses or commissions. You may even be able to get a policy through your employer.
Supplemental disability insurance helps cover the difference between what you’ll receive from your current long-term disability policy and what you’d need to maintain your current lifestyle if you’re unable to work due to injury or illness.
A good start to protecting your income is disability income insurance provided through – and often paid for by – your employer. Such a policy typically covers 40-60% of pre-disability salary, often up to a set benefits cap.1
Nobody thinks it will happen to them, but one in eight workers will be disabled for more than five years.2 Luckily, there are a few ways to protect yourself against the financial effects of becoming too sick or injured to work and earn an income.
While long-term disability insurance can serve as a good foundation for protection, it may not be enough to support you and your family if you became too sick or injured to work – leading to a big gap between income and expenses. Supplemental disability insurance will help cover more of your income.
Get a bigger safety net
Supplemental individual disability income insurance is tailored to your specific compensation and can cover your bonus and other incentives.
It belongs to you, even if you change jobs.
No medical exam required
Applying for this coverage is easy, because there is no medical exam and you just need to answer three simple yes/no questions.
Your coverage and costs remain fixed.
As long as you make payments on time, your policy can’t be changed or cancelled.
Are you an employee? Employees, contact your employer
Are you an employer? Employers, talk to your broker.
Are you a broker? Offer your clients a disability insurance program.