Many physicians, lawyers and accountants think that because they have a group long term disability policy through their employer, they don’t need to have an individual disability policy. That’s a big mistake that can jeopardize your financial future because:
Most group long term disability policies cover 60% of base income and, have a monthly benefit cap.
So, for example, you receive a great end of the year bonus, that bonus won’t be included in calculating your benefits. Worse yet, can you live off of 60% of your base income where your long term disability benefit is taxable.
It is possible that an individual... Continue reading