Disability Insurance for Managers
Management professionals typically have two common scenarios when it comes to protecting their income with disability insurance.
- You have Group LTD at work
- Your Employer Provides No Disability Insurance
You Have Group LTD Through Work - And It's Not Enough!!!
This web site has a lot of information about the pitfalls of group long term disability insurance provided by your employer. If you are making an income above $75,000, and all you have is Group LTD than odds are your income is not sufficiently protected in the event of a long term illness or accident. Most LTD plans have a monthly maximum benefit of $5,000 or $10,000 a month, benefits are taxable at the time of claim, and they may not cover bonus or commission income which may make up a decent percentage of your income. Managers with incomes of $100,000 or more have an even more dramatic gap in coverage the higher their income is. The higher your income is as a manager, especially with a Group LTD plan that has a maximum payout of $5,000 a month, the more necessary it is for you to have a supplemental individual disability insurance policy.
Your Employer Provides No Disability Insurance
If you have no coverage through your employer than the answer is very simple. You need to purchase your own personal disability insurance policy to protect your earnings. Everything you have now, or expect to have in the future is dependent on your ability to bring home a paycheck every month. Your employer is not going to just keep paying you while you are disabled, and there is no guarantee they will have your position available to you when you return from being disabled assuming you recover. Individual disability insurance is the only real way to make sure that you, and your family will be taken care of should you become too sick or injured to work.
What Kind Of Disability Insurance Policy Do Most Managers Purchase?
On this page is a list of the most common optional riders that the other 60 management professional clients have purchased from the agents using DisabilityQuotes.com since the year 2000. You can work with one of our agents to decide on which optional riders are right for you, but we'd like you to see what other managers already own from us now. In order to get the process started all you have to do is request a disability insurance quote.
Disability income products underwritten and issued by Berkshire Life Insurance Company of America, Pittsfield, MA, a wholly owned stock subsidiary of The Guardian Life Insurance Company of America, New York, NY. This policy provides disability insurance only. It does not provide basic hospital, basic medical or major medical insurance as defined by the New York State Insurance Department. For policy forms 1400, 1500, or 1600, the expected benefit ratio is 50% (including NY 1400). For policy forms 1400-F, 1500-F, or 1600 F, the expected benefit ratio is 60% (NY only). The expected benefit ratio is the portion of future premiums that the company expects to return as benefits, when averaged over all people with these policy forms respectively. Product availability, provisions and features may vary from state to state.