Do I Need Individual Disability Insurance If I’m Covered By My Group Plan?
Understanding Disability Insurance: A Vital Safety Net for Employees
Many employees are concerned about what would happen to them and their families should they become hurt or sick and unable to work. It’s a valid concern, to be sure. Keep in mind, according to a 2017 report by the Canadian Survey on Disabilities, one in five Canadians (or 6.2 million) aged 15 and older had one or more disabilities that limited them in their daily activities.
The good news is most employers include short and/or long-term disability insurance as part of their benefits package. But the extent and particulars of the coverage offered depend on the specific policy your employer has chosen. The question then becomes: is that coverage enough or do I need to invest in an individual disability insurance plan too?
Group Insurance Plans: What You Need to Know
As we’ve discussed earlier (include a link to the “demystifying LTD insurance blog), disability insurance plans allow an employee to receive income replacement to help cover their costs when they can’t work. The amount they receive is typically a percentage of their income, though specifics and other details depend on the policy.
Payments for the premiums are often covered by an employee through their paychecks, though the employer may pay all or part of the premiums themselves.
Assessing the Coverage: Is Group Insurance Enough?
When you explore the fine details of your group insurance plan, you may see that it doesn’t provide the full coverage that you’d want should a disability arise. Or you may be self-employed and not covered at all. In either case, it’s worth looking into purchasing an individual disability plan to better safeguard you and your loved ones against potential illness or injury.
While costlier than group insurance plans, the good thing about individual policies is that you can make a more informed and personal choice on the monthly benefits you receive. They’re also known to offer more features and to be more flexible. For example, when determining whether you’re eligible for coverage, individual plans often allow you to demonstrate “partial disability” as a condition for receiving benefits while most group plans require you to demonstrate “total disability”.
Auger Hollingsworth: Your Partner in Long-Term Disability Claims
At Auger Hollingsworth, our priority is helping you receive the compensation and justice you deserve. Over the years, our team has helped hundreds of clients succeed in their claims for long-term disability benefits after they’ve been denied or terminated prematurely. Our track record, client satisfaction, and years of experience contribute to our respected reputation as one of the hardest-working and most effective legal teams in the country.
”Just wanted to take a minute and thank you for your advice and expertise in all aspects of taking care of my best interests. I will continue to send clients that I think are true people not people just looking to make a quick buck by faking or trying to pull a fast one. I have sent two and both were accepted as far as they have told me and i hope things turn out well for all parties concerned.”
“I would like to take this time to thank you for your support, and above all your compassion for people’s feelings, and your helpful staff, always cheerful. I really enjoyed working with you. Brenda, I am happy you were there for me. Thanks so much.”
During your initial strategy session, we will assist you in creating a strategy in how to best pursue your claim, whether it be the result of a car accident claim, 18 wheeler injury, or, other kind of personal injury claim.
There are 5 points to your free claim strategy session:
First, we will listen to your story. You will have a chance to tell everything to someone who wants to hear what happened to you.
Based on the information you provide, we will give you our best advice on both what claims you have and the next steps you should consider to go forward with your claim.
If you claim is something that we think we can help you with, we will explain the services that we can provide for you, and what the next steps are that we should take. We will start working immediately.
If your matter is something that we do not think we can help you with, then we will attempt to put you in contact with another lawyer that might be able to help you.
Either way, what should happen is we will put to rest some of the unknowns that you may be experiencing. We will start to shed light on what you can expect and how to best pursue the benefits you deserve.
Auger Hollingsworth Personal Injury Lawyers represents injured people across Ontario. Note: This website provides information but not legal advice. Contact a lawyer for legal advice about your case. Every case is different.