I have yet to meet an agency with their professionalism and pleasant attitude. They made my life easier and secure; never over insured or under insured. They provided the information and recommended the necessary options without over selling a product. I have recommended Set for Life to family members and friends.

— Ashraf Sedhom, BDS, MD, Oral Surgeon, Aurora, CO

Disability Insurance for Governmental Employees.

Considering disability insurance? Consider the facts.

  • Your most valuable asset is your ability to bring in an income. For governmental employees like yourself, your future income is your payoff for all of your years of hard work and accumulated debt.
  • If you have student loans, they do not go away if you become disabled.

Group benefits vs. an individual policy

As a governmental employee, you may be  eligible for a group policy. Usually you cannot opt out of taking the policy. Group policies typically offer a limited monthly benefit (60 percent of your income to a maximum amount). If your income exceeds $200k, the percentage of benefits replaced may start to reduce if you have maximum limits on the policy.

Group policies can’t discriminate – they must offer coverage to everyone in the group. Consequently, they often lack the important provisions of a personal policy.

  • Your group policy may require you to be totally disabled and not able to work in any capacity before you can receive any benefit.
  • The benefit may be taxable income to you if the employer is paying the premiums.
  • Your employer may cancel your policy at any time.
  • Even if you have a group policy, it is still important to consider supplementing with an individual policy.
  • Your individual policy is portable and you may take it with you if/when you leave your employer.
  • The policy definitions on an individual policy are usually superior (own-occupation, inflation protection).
  • If you are only partially disabled, your group policy may not pay you.
  • Having an individual policy protects your insurability by purchasing increase options. If your health changes, you may still purchase more coverage in the future based only on financial underwriting.

About premiums

If you are concerned about paying for your disability insurance while getting established, there are several things we can do to reduce your premium as much as possible.

  • Some companies allow a “graded” or increasing premium. This is initially less expensive and your premium will increase each year. If you wish to lock it in at a later time, you may do so on any policy anniversary.
  • You may choose to simply supplement what your group policy already offers and load up your policy with increase options. This will allow you to keep your premium low during residency and still reserve the right to increase it in the future without any medical underwriting.

Read More..

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Get  Governmental Employees Disability Insurance by requesting a free quote today!

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