When you have insurance through your employer, you typically think primarily about your health insurance. However, you may be overlooking the opportunity to have disability insurance through your employer, which can be a great help to you and your family should you become too injured or too ill to be on the job. If you’ve thought little about this valuable type of insurance, here are four reasons to get disability insurance through your employer.
Peace of Mind
First of all, having disability insurance coverage in place will give you and your family tremendous peace of mind. Should the unthinkable happen and you become unable to work, this insurance will replace 60% of your income. As an example, if you earn $100,000 per year, disability insurance will pay you $60,000.
No Health Questions or Medical Exams
When your employer offers group disability insurance, one of the biggest benefits you can reap is not having to answer any health questions or take a medical exam prior to getting coverage. Thus, it is much easier to qualify for this type of coverage, versus having to purchase it on your own. Also, when you need disability benefits assistance when filing a claim, any previous health issues should not come into play.
Much Lower Costs
Of all the benefits that come with getting disability insurance through your employer, perhaps the biggest is the much lower costs you’ll encounter. In many cases, employers will offer this insurance to their employees at no cost, which gives you no reason whatsoever not to take the coverage. However, even if your employer does require you to pay for your disability insurance, it will likely be at least 20% less than what you would encounter when trying to purchase individual coverage.
Additional Coverage is Possible
Even if you only have a basic level of disability coverage that is provided to you by your employer at no cost, you may also have the chance to get additional coverage through payroll deductions. This can be important, especially if you are stuck with a serious illness that will have you out of work for an extended period of time.
Though you never want to think about having an illness that may jeopardize your ability to work for a long period of time, it is always a possibility. By opting to have disability insurance through your workplace, you and your family can know that should this happen, coverage will be in place to help avoid financial disaster.