Why do I need individual disability insurance?
Disability claims happen more often than you think!
Group Insurance does not offer the true coverage you need
Group Insurance DOES NOT function in the same manner as
an individual policy. It does not offer True “Own Occupation
Coverage”. Group insurance benefits will be reduced by other sources of income such as salary, social security, and workers’ compensation.
Group Insurance is not portable. It will not move with you from one employer to the next.
Benefits from group insurance can also be taxed at the federal and state levels.
Group Insurance is not non-cancellable/guaranteed renewable. There is no guarantee that the insurance you are given will be the same from year to year. Where is the security in that?
Group Insurance will never allow you to collect total monthly benefits while simultaneously earning a full salary in another occupation.
ERISA VS Non-ERISA
Group claims and individual claims are processed differently according to what is referred to as ERISA guidelines. Group policies fall under federal ERISA Law. If your claim is denied and you feel as if you were wrongfully treated, in a group claim there is no jury trial, no discovery and no punitive damages. An arbitrator makes a singular decision.
Watch our video about “Group vs. Individual Disability Insurance” below.