When it comes to picking benefits, make sure not to overlook disability insurance. investinyou (In partnership with acorns.)
As a result, more than half of people who experienced a disabling event took more than two years to recover financially, according to a separate disability study by Cigna.Altogether, about 50 million working adults in the U.S. don't have any disability insurance other than the basic coverage available through Social Security. But the averageIn addition, the requirements to qualify are rigorous. Your condition must be so severe that it will keep you from working for 12 months or more.
For all of those reasons, "if your employer offers something, you should consider it," said Mike Stein, a senior financial analyst at"Employer provider options tend to be far more reasonably priced," he said. You may also want to consider a supplemental disability insurance policy from your workplace to get the most comprehensive coverage you can.
If there is no workplace plan option available, you can get individual disability insurance through any insurance provider, although it will be more expensive, he added. Further, consider how disability benefits will be taxed. It depends on how they were paid. Benefits are taxed if the premiums were paid by employers or by pre-tax employee dollars, but not taxed if the premiums were paid by your after-tax dollars.
This all factors into a broader financial plan, Stein said, "and that's where looping in an advisor can help."
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