Open enrollment is the perfect time to review your disability insurance. Here are the basics:
- Short-Term Disability: Covers you for a few months up to a year.
- Long-Term Disability: Can cover you from a year up to age 65 (sometimes longer).
- How Much Coverage? Aim for ~60% of your income, but adjust based on your actual expenses.
- Know Your Policy: “Own occupation” covers you if you can’t perform your job; “any occupation” covers only if you can’t perform any related job. Big difference for medical and high-income professionals.
- High Earners: Check for benefit caps as you may need a supplemental private policy.
Want help reviewing your options or making sense of the fine print? Contact us today to schedule a complimentary Q&A with one of our team members: https://libertyonewealth.com/answers/
