What's a good company to buy disability insurance?

Question

I have long term disability insurance with my current employer but it only covers 60% of income.....I need one that'll cover 100% of my income for the rest of my life if I'm disabled.

Thanks in advance.

Answer 1

No one company will cover you for 100% of your income. Here are two good companies: Illinois Mutual, and Genworth Financial. You are allowed to have another policy other than with your employer.

Answer 2

You cover between 60-66% of your take hone pay. The insruance conpanies dont want you making more money on DI than if you returned to work. Oddly enough no one in that situation is ever "able" to return to work. One thing to check is if you current 60%is before or after taxes. If you pay the premium with after tax dollars then the benefit would be received tax free and 60% is probably close to your take home pay. If you pay with a deduction that comes out of your check pre-tax then the benefit would be taxed. If your employer pays for the benefit they will be writing off the premium as a business expense and the benefit would be taxed. Also you need to check the benefit period with your employer sometimes it is up to age 65 sometimes it is only 2 or 5 years. I would reccommend checking with Unum they are the world disability leader. Better yet use yellowpages.com to search for a disability broker in your area and they will have access to all the top carriers. Don't call your auto home agent you need a specialist.

Answer 3

If you are a business owner, you might be able to cover up to 100% of your BOE or buyout needs.  As far as protecting your personal income, the highest limit I know of is 75% depending on your occupation and history.