Benefits

Disability insurance is a critical component of a comprehensive financial safety net, providing income protection in the event of an illness or injury that prevents one from working. Group disability insurance policies are a common benefit offered by employers, particularly larger employers.However, these policies often contain limitations and shortfalls that may not fully meet the needs of higher earners or those in upper management. Here, we explore key issues such as benefit caps, tax implications, occupation-specific coverage limitations, income covered, and portability concerns. 1) Benefit Caps Group disability insurance is typically structured as percent of income with the most often…