I don’t need disability insurance. I have it through my employer!

Many people insist that they don’t need disability coverage because they have it through work. However, you should understand that most company issued group disability insurance only provides you with 60 percent of your salary, with a monthly maximum limit of $5,000 to $10,000. That can be less than 60 percent of your salary.

These benefits are also fully taxable, which means that you get significantly less than 60 percent of what you’re used to.

Can you and your family survive on 40 percent of your salary?

Most group disability insurance policies will also have a provision that will reduce your disability benefits by the receipt of such benefits as Social Security Disability or Workers’ Compensation. Unfortunately, it takes, on average, over two years to receive Social Security Disability benefits and even then you’re not likely to receive more than $2,000 a month.

If you and your family can’t survive on 40 percent of your salary, you should seriously consider purchasing a private disability insurance policy.

Answering these broad-based questions isn’t easy. Help is a phone call away. You can contact Nancy Cavey, an experienced long-term disability attorney at 727-894-3188.