An individual disability income insurance policy can help supplement your group long term disability benefits and protect a larger portion of your income. This, in turn, provides a fundamental layer of security for your financial future. An individual disability income insurance policy you purchase on your own is fully portable, meaning you won't have to worry about losing coverage if you change jobs, and the benefits paid are tax free if you are the premium payor 1 . In addition, an individual disability income insurance policy is non-cancelable by the carrier (as long as the premiums are paid), and with a guaranteed renewable policy, your premiums will never change for the life of the policy.
1 The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. We are not authorized to give tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel.
Disability income insurance policies have exclusions and limitations.
Multi-Life Group Disability Insurance:
Individual disability income insurance is a much sought after coverage that can be made available to company employees. By doing so, you and your employees may be able to enjoy a discount. With as few as three individuals, you and your employees will receive a 15% discount on premiums which may result in a substantial savings. You may also be eligible for a 25% discount on premiums for 21 or more individuals.
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