As health insurance rates are on the rise, a lot of employees are losing other group insurance benefits, including disability insurance.
What happens when you lose your group disability insurance benefits? Most people who are still in need of protecting their income need to go out and purchase their own individual disability insurance.
If you have a serious health condition, you may not be able to purchase an individual disability policy. If this is the case, you may want to check your association to see if they have policies available that do not require medical underwriting.
If you are healthy, you will have more options for individual coverage. It is important to work with an independent broker that can provide you a quote comparison of multiple companies to see what would be the best fit.
Even if you still have a group policy, you still may want to consider supplementing your policy with an individual policy as individual policies are portable. If you leave your company, you may take the coverage with you. If your employer cancels the group disability insurance policy, you may increase the individual policy to correspond with your income.
If you are leaving your company and starting your own business, you may want to first obtain a policy while receiving a steady salary. Once you are on your own, companies typically want to see at least a year of stable income before you can qualify for coverage.
For more information about group disability insurance and individual disability insurance or to request a quote comparison, contact Set for Life Insurance today!