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Consider group disability insurance as part of my disability coverage?

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  • Consider group disability insurance as part of my disability coverage?

    Say I make $20k gross a month, and I have $10k of my own true occupation disability insurance and $10k group disability insurance from employer, would that suffice? I know the terms where it applies would be different and group is taxable income.

  • #2
    It would be difficult to impossible to buy $10k of individual and then have $10k of group insurance if you make $20k per month. Regardless of that, the question becomes after the Net, Net, and Net Payment of the group policy (after offset, potential non-payments and taxes) plus your individual policy does that total pay all of your household bills, expenses, and provide additional money to set aside toward retirement funds? These policies will stop paying at some point in the future so you have to account for that because you don't want to end up dead broke having spent all of your money all along during your disability.
    Scott Nelson-Archer, CLU, ChFC
    303-953-0263 Direct / [email protected]

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    • #3
      The point is you DI payments won’t come close to $20k (not only taxes).

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