Have you heard about the "compassionate care" benefit?
One of the major disability insurance companies (and we represent ALL of them) will pay benefits if the insured person suffers a loss of income while caring for a family member with a serious health condition.
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Disability Insurance 101
Evaluating Coverage Gaps in Group Plans
Typically a Group LTD plan covers 60% of salary before tax. However, it usually has a maximum benefit cap and does not cover incentive compensation, such as bonuses and commissions. Coverage for mental & nervous conditions may not be what you thought they were. Do you really know?
In addition, if the premiums are paid by the employer, any benefits received by the employee are generally taxable as income. For example, a benefit cap of $5,000 per month would amount to a $60,000 annual LTD benefit before taxes. This falls far short of the income requirements of highly compensated employees, resulting in inadequate protection from the group plan.
What would happen to your family if you experienced a ....
