Should You Consider Supplementing Your Employer-Provided Group Disability Insurance With an Individual Policy?

Posted by Amy Carbone on Aug 24, 2022 9:00:00 AM

Disability income insurance provides you with replacement income in the event that you are unable to work due to an injury or illness. This policy may help financially support you and your family during your recovery. 

There are several ways to obtain a policy. For example, you may join a practice that offers a group policy for disability income insurance that you can join. Group insurance, while economical, is not typically portable to future employers, and may have additional limits of coverage. So, even with this coverage, you may want to consider adding an individual disability income insurance policy. 

Below, we’ll discuss individual disability income insurance, how it differs from group disability income insurance, and more. 


What Is Supplemental Disability Income Insurance?

In short, this type of disability income insurance is an individual insurance policy that can help protect your income if you have an injury or illness that results in disability. 

One of the most beneficial aspects of this coverage is that you own the policy. Even if you change jobs and lose your company-sponsored group policy,  you can still maintain coverage from your individual disability insurance policy.


Individual Versus Employer Provided Long-Term Disability Income Insurance

Typically, employer provided group disability income insurance does not afford the same contractual strength of an individual disability insurance policy. In addition to not being portable in the event of a job change, oftentimes the definitions within the policy may be weaker. Renewability is usually not guaranteed by either the insurance company or your employer.


Should I Supplement My Employer Provided Group Disability Insurance?

In a word “yes.” According to the CDC, “26 percent (one in 4) of adults in the United States have some type of disability,” which is roughly 61 million adults. In addition, the Social Security Administration estimates that “1 in 4 of today’s 20 year olds will become disabled before the age of 67.” 

While it is easy — especially early in your career — to think that these situations won’t happen to you, it is possible. Regardless of coverage from your employer, you need to plan for the future, which may include having an individual disability insurance policy to supplement your group disability insurance.

If you find yourself unable to work due to a disability, having an individual disability insurance policy may provide an additional benefit payout.  . In addition, individual  disability income insurance policies may also provide the possibility for customization, which may not be available in employer-provided group policies. 


Protect Your Dental Career With the Right Coverages

Regardless of whether or not you have an employer-sponsored group disability income insurance plan, supplemental disability income insurance may help cover your full income needs. Since disability income coverage offers vital protection throughout your dental career, it’s important that you speak with a professional insurance provider to ensure your coverage meets your unique needs as a dentist.

Download The Guide to Disability Income Insurance for Dentists to learn more about how disability income insurance can help protect your future in the event of an injury or illness. 

About Treloar & Heisel

Treloar & Heisel, an EPIC Company, offers dental and medical professionals a comprehensive suite of financial products and services ranging from business and personal insurance to wealth management. We are proud to assist thousands of clients from residency to practice and through retirement. Our experienced teams deliver custom-tailored advice through an active local presence, while our strong national network ensures that clients experience the same high level of service throughout the country.

Topics: Disability Income Insurance, Tips