What is Supplemental Disability Insurance?
Supplemental Disability Insurance allows you to buy coverage to build yourself a stronger Income safety net in case you have a minor or serious disability that prevents you from performing the material duties of your occupation for a short or a long period of duration.
Don’t I already have coverage?
You are covered by Social Security Disability (SSDI) and your employer has a group disability policy:
- Currently your employer benefit is 50% of your base pay up to a maximum of $15,000/mo, which would be reduced by any SSDI or Worker’s Compensation you received.
However, this may not be enough for many mid & high wage earning employees:
- Keep in mind that most claims to the SSDI are denied and the average time period until benefits are paid is almost 2yrs.
- Worker’s Compensation only pays for disabilities that result from injuries while you’re at work.
- Your employer disability benefits are taxable and offset for any SSDI or Worker’s Comp you receive:
- Would you be able to live 30-40% of your net pay if something were to happen to you?
Disability and Your FinancesIn the event of an unforeseen accident or illness, disability insurance may be a good way to protect your income and savings.
Who can apply for a policy?
Anyone can apply for an Individual Supplemental Disability Insurance policy, however, to receive the group discount for Carolina Anesthesia you must be a current employee. Individual policies are all individually underwritten which means you must meet specific height, weight, health and occupational guidelines for the insurance company to issue your policy (they are not “guaranteed issued”).
Why buy a policy through this program and not from my local insurance representative/company?
Because we have three or more employees insured with Principal Financial, you are eligible for unisex rates (which saves young/middle-aged females considerably) and makes you eligible for a 30% group discount. When these two factors are taken together this could save you 20-50% off the cost of an individual policy that does not have such a group discount.
How much coverage do you need? Try our calculator:
Schedule a consultation if you are interested in applying for this important benefit.
Please choose the “Prospective Client – Webconference” option when prompted.
*This webpage is for informational purposes only and not intended to be advice or a recommendation. Please consult with us or your appropriate financial, tax, and/or legal advisor about your individual circumstance(s) before taking any action.