- Group policies do not offer True Own Occupation Protection. If disabled and get a new job the new income will lower or eliminate your benefit from the group policy.
- Group policies limit mental, nervous, stress, etc. disorder claims to a 2 year payout.
- Group policies are not portable so you cannot take them with you when you change jobs.
- Definitions or group contracts are not as liberal as professionally designed Individual Disability Income Protection.
- Benefits of group policies are taxable when your employer pays the premiums
- Benefits of Group policies are offset by any Social Security and workman compensation benefit you receive.
- Benefits are based on a percentage of salaried income. (Bonus’ and Commissions are typically not covered)
- No rate guarantees
- Partial disability might not be covered
- Policy can be changed or canceled by the insurance company or your employer at any time
Individual Disability Insurance
- Professionally Designed Plans will properly protect you in your Medical Specialty /true own occupation protection
- You own the policy and can take with you wherever you work
- More liberal definitions within the policy = more money at claim time
- you receive benefits tax free when you pay the premiums
- Higher monthly benefits
- Benefits can increase with inflation
- Rate guarantees to age 65
Posted in: FAQs
