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Fill the Gap with Disability Income Insurance

Posted on: Friday, September 4th, 2009

There are many people who are lucky enough to have really great benefits from their job. This may include comprehensive health insurance, a retirement savings plan, and even life and disability insurance. These are important components in a benefits package and can make up for even a slightly lower than average salary. In terms of all of these benefits, however, it is very important for an employee to really look at the extent of the benefits and decide if they need to supplement them in any way. For instance, an employer may offer a life insurance policy that only goes up to a maximum amount; therefore, the employee – perhaps with dependent children – may decide that they need to purchase private life insurance in order to supplement the insurance provided by their company.

With disability income insurance, the same premise can apply. The disability insurance policy provided by the company where you are employed may only cover you for a specific period of time, or may come with a waiting period – that is the time that you must wait before you receive disability benefits. With regard to these stipulations and more it may be wise to purchase private disability income insurancein order to make sure that all your needs are covered.

For instance, you may purchase a private long term disability insurance policy to cover you until the age of traditional retirement – this in addition to company disability insurance plans that may only cover you for a certain period of time. Or, if the amount of time that you have to wait to receive your policy payouts concerns you, it may be necessary to purchase private disability insurance in order to cover this gap. After all, most people do not have savings or investments that are readily available to cover them for this amount of time. A private disability insurance policy ensures that all of your bases are covered.

Related posts:

1. Long Term Disability Insurance & Plans
2. Determining the Amount of Adequate Disability Insurance
3. Disability Insurance After a Car Accident, Part 1
4. Turning Our Back on Disability Insurance, Part II
5. Disability Income Insurance with Children, Part I