Disability is defined as an illness or injury that prevents you from working. With government or employer-provided disability benefits, there may be stringent eligibility requirements and the plans may not replace an adequate portion of your salary or may only pay benefits for a specific time period. Purchasing an individual long-term disability plan may be the difference between being able to provide for your family and falling short on your monthly obligations.
Individual long-term disability insurance plans:
- Typically are more flexible than employer-sponsored plans, and they are portable. This feature of portability simply means you own them as opposed to the employer owning them.
- Have premiums based upon health, age, gender, salary, benefit limits, and occupation.
- Will pay you benefits if you are unable to perform the duties of your specific job or could pay benefits if you are unable to work at any job.
- Are paid for with after-tax dollars; thus, the benefits are not taxable.
There are a number of long-term disability plans available through a variety of well-respected insurance providers. A Stifel Financial Advisor can help you determine which plan is right for you and your family.