Is group disability insurance worth it?

Often, group disability insurance policies are quite affordable. In most cases, it’s subsidized by employers. But the downside is that these policies don’t offer enough coverage.

If you are injured or sick, you may not be able to work. In this case, your disability insurance will compensate you through monthly benefits. You can purchase group disability insurance from different group disability insurance companies. Your employer may offer short-term or long-term policies as part of their benefits package.

Is group disability insurance worth it

What is Group disability insurance?

Group disability insurance refers to employer-sponsored disability insurance. Unlike an individual policy, this type of policy is less expensive as the premiums are shared by a lot of employees.

But the downside is that this type of insurance policy offers less coverage and imposes more restrictions than private long-term policies. But the good thing is that group policies may supplement your private coverage.

The advantages of group disability insurance

Let’s take a look at some advantages of group disability insurance. The advantages may vary as group disability insurance companies offer slightly different benefits.

Supplements your private coverage

If you want to buy both an individual insurance policy and a group disability insurance policy from some good group disability insurance companies, you can enjoy maximum benefits.

If your employer doesn’t offer a long-term disability insurance policy, you may apply for a policy separately. The short-term policy starts providing benefits right away. Therefore, you can enjoy the benefits while waiting for the long-term benefits. Therefore, if you are still unable to work because of the end of your short-term coverage, you may get long-term care and won’t miss out on other benefits.

Long story short, you can see that group disability insurance is worth it. If you want to buy it, we suggest that you choose from a good group of disability insurance companies. Before you finalize your decision, don’t forget to read the specifics of each policy as each policy is a little different.


Get Your Free Disability Insurance Quote in Less Than a Minute!