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The most common disability insurance misconception

Common misconceptions about disability insurance can cost you a great deal of money. It’s not surprising with the confusing language used in insurance policies. The following article about the most common disability insurance misconception should help shed light on what might prevent a major loss to your financial portfolio.

My Employer’s Disability Insurance Will Cover Me If I Become Disabled

You may think that after a disabling injury your income would be replaced through your employer’s disability insurance policy. In fact, most group policies only pay around 60 percent of your salary up to a specified cap, such as $4,000 – $6000 per month. In addition, group policies usually don’t replace commissions or bonuses.

You have about a thirty percent chance of becoming disabled, and out of work for 90 days or more at some point in your career before age 65.

To calculate how much you’d need to maintain your standard of living if you become disabled you should speak with an insurance agent like Jeff Pennington who can help you consider all of your expenses and create a plan for coverage. Jeff can help you determine if you’re you’re under-insured, and help you find a policy that may pay up to 70 to 80 percent of your salary.

Before you buy disability coverage, read the policy closely because all long-term disability policies are not the same.In fact, there are many significant differences including the length of benefits and the waiting period,

Call Jeff Pennington today at 1-877-221-6198 and let him help you make the best choice for your disability insurance policy. It helps to have an expert on your side to get the best rates and policy available from the right insurance provider.

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