Let’s think of your financial “house” or structure, as being made up of building blocks. These blocks are the assets and other things you work so hard to acquire for yourself and your family. A few examples are your home, cars, personal assets, business interests, investments, etc.
What happens to that structure if you lose the “foundation”, your income??
The difference in the “healthy and working” for Job B, is the approximate cost for disability coverage, in this case 2%. Which pay option would you want?? More importantly, which pay check option do you have today???
Not for Everyone.
You’ve made the smart decision by choosing to protect some of your income with a group LTD coverage. This proves that you’re aware of the risk of losing your income in the event of unexpected illness or injury. Let’s take a look at how that would work for your circumstances. (See Chart and Below)
A typical Group LTD plan provides income replacement of about 60%. You may not be aware of this, but if your employer is paying your Group LTD premiums, then benefits from that plan would be taxable. Right now, your living on about 75% of your salary, but if you became disabled, you’d be trying to live on half of that.
Let us help you understand how much coverage your Group LTD plan provides for you and your family and then we can work together to identify any potential gaps in your income protection plan.
