Friday, December 26, 2014
Buying Private Disability Insurance: What can you protect?
Disability insurance that you buy yourself, rather than the insurance your employer provides, that is governed by ERISA, can be complicated. There are many different types of coverage you can buy: pure own occupation; modified own occupation; any occupation; recovery benefits, etc. You may want to find out what is available before you talk to an agent. Here is a good article discussing the different options, and what each option actually protects. It also discusses how group plans commonly differ from private plans. Private long-term disability policies are governed by the laws of each state. If you have any legal questions about a private long-term disability policy in Connecticut, you should speak to a long-term disability lawyer who knows Connecticut law.
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This really is great information for those who are looking to have some kind of option when it comes to their disability insurance. I personally had no idea that there were so many different kind of options, like the pure own occupation option that you mentioned. These definitely will take a little extra research to learn about, but at least the trail has been set. Thank you for sharing. http://www.hypogal.com/disability-insurance/
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