Employees have a one-in-three chance of becoming disabled during their careers, meaning they won't be able to work for 90 days or longer.  However, according to an article on CBS' MoneyWatch.com, most people have the misconception that their employer-provided disability insurance will cover them. 

Brian Ashe, past chairman of the Life and Health Insurance Foundation for Education, was quoted in the article as saying, "a typical group policy pays 60 percent of your salary up to a specified limit, such as $5,000 per month."  This amount is not always sufficient.  Also, group disability insurance usually does not replace bonuses or commissions when the employee becomes disabled. 

It is important for employees to get the right amount of coverage.  A calculation should be made that determines the amount needed to maintain the same standard of living if a disability occurs.  Workers are sometimes able to purchase supplemental coverage if they are underinsured.  Another option is to buy an individual plan that will pay up to 70 to 80 percent of the salary. 

Employees should make sure to read the policy details.  Disability insurance plans vary in coverage and some policies pay benefits if the employee can't do his or her current job, while others only pay if the employee is not able to work at all. 

According to the article, common misconceptions about insurance, such as this disability insurance myth, can cost consumers money.

You can reach Miami Insurance Claims Lawyer J.P. Gonzalez-Sirgo by dialing his direct number at (786) 272-5841, calling the main office at (305) 461-1095, or Toll Free at 1 (866) 71-CLAIM or email Attorney Gonzalez-Sirgo directly at [email protected].

J.P. Gonzalez-Sirgo
J.P. Gonzalez-Sirgo, P.A.
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