Nurses With Benefits
Supplementing Group Disability Insurance & Individual Disability Insurance
Group (work) DI Coverage
While you may have group DI coverage at work, it is not always enough. The following shows how an individual DI policy can supplement your group DI plan.
Group DI is available from some employers. If you have it, you should evaluate what your benefits are. You may be very surprised to discover that such an employer-paid plan only covers 60% of your salary, or less. This amount is taxable as income. Likewise, while a great benefit for employees, a group plan generally does not convert or converts to a smaller percentage. Also, group policy may not pay benefits to age 65, may have a benefits cap, and a waiting period longer than your savings can last. Finally, you need to find out exactly what the definition of total disability is. This is crucial to the coverage you receive and varies by carrier.
The gaps in your group DI plan can be filled by an individual DI plan by working as a supplement. It will also move with you throughout your career. Individual income protection plans are very affordable. The small amount you pay in premiums will provide a check to cover your car payment, rent or mortgage. When you pay the premiums, any benefits received are not taxable. Plus, if you change jobs, your individual policy goes with you --so you can receive continual coverage, 24-hours-a-day, on or off the job.
Working Women Need Disability Insurance
Most people insure their lives but overlook insuring their incomes. Fortunately, more women are realizing the importance and are more likely to protect their incomes today that at any other time in history. According to an HIAA survey, one main reason more women than men are locking proper disability insurance coverage is because women are more likely to be employed by businesses that do not offer such coverage.
As a woman, your income is important. In fact, did you know American women constitute the largest economic workforce in the world*? Anyone who relies on their ability to earn a living should purchase disability insurance. No woman can afford to work without this safety net.
Women are three times more likely that men to lose their income as a result of disability*, making the decision all the more important to buy DI. We have helped nurses protect their income from the devastating consequences of disability for over 20 years. Contact us today and as about income protection.
*National Association of Insurance Commissioners (NAIC)
Commissioner’s Individual Disability Table A (1985)
Other Type of Coverage
Should you be injured in an accident or become ill, you may be eligible for assistance-depending on your circumstance.
Worker’s compensation only pays if your disability is job related. The amount and time period will vary according to the state you live in.
Social Security is available for certain disabilities. The downside is that few people qualify. The benefits are dependent on your prior taxable earnings. It is very difficult to receive coverage. Social Security is a safety net that doesn’t catch many people.