Fall is the season when many employees have a window of time to reevaluate their benefits package. While most working Americans think of this as a time to adjust their retirement plans, this is also the time to examine other benefits – particularly, disability insurance.
When you are offered disability insurance by your employer, it’s a good option to consider. Statistically speaking, you are more likely to become disabled than you are to die during your working life. Disability insurance is in place to protect your income if illness or injury should cause you to be unable to work. You will pay less for a plan that is offered through your employer than one which you would purchase on your own. Chances are also good that you will not need to undergo the same rigorous underwriting process when you buy a policy through your employer than you would if you were buying a policy on your own.
However… if you have read any part of this website you know that disability insurance policies that are purchased through your employer are governed by ERISA, a law that was originally designed to protect the benefits of hardworking Americans that was mutated by the insurance industry into a labyrinth that makes fighting delays and denials challenging.
Despite the complexity and challenges, we believe that disability insurance is part of a healthy employee benefit package. It’s something that no one actually ever wants to have to use – but not having it, even in the face of challenges and difficulties, can lead to nightmare scenarios.