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Disability Insurance: Individual: Things To Think About When Purchasing

If You Have The Opportunity To Purchase An Individual And A Group Disability Income Policy

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Group coverage is generally much less expensive than individual disability insurance. If you can obtain group coverage through an employer, employers that offer this insurance benefit pay all, or at least part, of the premium.

Because individual plans pay a flat amount, you can purchase an individual disability income policy, then join a group that has group long term disability coverage policy and be eligible to receive full benefits under both policies should you become disabled. The individual policy must be purchased first because at the time of its purchase, any other disability income benefits, including group long term disability, are taken into consideration in determining the benefit amount the company will let you purchase.

Further, If you're lucky enough to have both employer and individual disability coverage, and if your employer coverage provides benefits during the early months of your disability, consider:

  • Increasing the waiting period under your individual policy to lower your premiums on your individual policy.
  • Putting the premium savings in a separate savings account to be used if needed during the early part of a disability.

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