.jpg)
Supplemental disability insurance policies are disability insurance policies that are taken out by individuals to supplement coverage they already have through an employer-sponsored group policy. These policies can often fill the income gap and the limits of a group plan and provide more coverage in the event of an illness or injury that is not work related. Many financial experts agree that getting a supplemental disability insurance policy to augment your existing coverage makes wise financial sense and can guarantee you an income when you are ill or injured and cannot perform your job duties.
Supplemental disability insurance can pick up where group policies leave off. Some group policies may provide up to 55% of your income, but you will need more than that to meet your living expenses and financial obligations. Supplemental disability insurance can be purchased to make up the difference and provide you with an adequate income stream while you are not working. Whether it’s a short term or long term policy, it can make a real difference in the quality of your overall disability coverage.
Statistics back up the claims of financial advisors who agree that taking out a supplemental disability insurance policy is a good financial move. It is estimated that one third of all Americans between the ages of 35 and 65 will become disabled for a period of longer than 90 days. Most people do not have savings that can cover their expenses for this long a period. Supplemental disability insurance working in tandem with a group policy can help people meet their financial responsibilities and have an income when they cannot work at all due to an illness or injury. There are many illnesses like cancer which can require extended periods of treatment and time away from work. This can prove to be financially devastating to people without coverage. Supplemental disability insurance helps people avoid financial ruin and allows them to focus on their recovery, not piles of unpaid bills.
Some people can get supplemental disability insurance as part of their group policy. They simply ask that a higher amount of money be deducted from their paycheck so they can get a higher level of coverage. This is sometimes the easiest route to go. If that is not an option, there are plenty of supplemental disability insurance plans offered by insurance companies for both short term and long term disabilities. The best plan of action is to speak to a financial advisor to determine how much coverage you will need and what policy you should purchase. If you are more of a hands on person, you can visit insurance company websites online and get price quotes and other valuable information about supplemental disability insurance.