Is Disability Insurance from Your Job Enough?
Some people might say, "I already have disability insurance through my job," when we talk about disability insurance. Having this insurance from work is a good thing, but it might not cover everything if you can't work and need money.
Life can sometimes surprise us with sickness or accidents we didn't plan for. These surprises often mean we can't work, and that's a problem because we still need money to live and support our families.
Here are some important things to think about if you have disability insurance through your job:
- Limited Coverage: Disability insurance from work usually only pays you a part of your regular salary, and it doesn't count things like bonuses or extra money you might get.
- High Earners: If you make a lot of money, the disability insurance from work might not give you enough because there's a limit on how much it can pay.
- Part-Time Work: If you can't work full-time because of your sickness or accident, disability insurance from work might not help you enough.
- Changing Rules: The rules for disability insurance from work can change, and your employer might make it less helpful to save money.
- New Job, No Insurance: If you switch jobs or start a new business, you might not get disability insurance from work there, and it could be too expensive to get on your own, especially as you get older.
So, while disability insurance from work is a good start, it might not cover all your needs if something bad happens.
Here are some ideas to consider:
- Extra Disability Insurance for High Earners: If you make a lot of money, you might want to get extra disability insurance to make sure you're covered.
- Check Your Disability Insurance: Look at how much your disability insurance from work will pay if you can't work. If it's not enough, think about getting extra disability insurance or adding to what you have.
- Combo Insurance: You could get both disability insurance and critical illness insurance. This way, you have more protection if something bad happens.
Having disability insurance from your job is a good thing, but it might not be enough to cover everything if you can't work. So, think about your situation and talk to someone about getting more coverage if you need it. Call us today, and we'll help find the right solutions for you and your unique needs.
