For most of us our most valuable asset is our ability to earn an income. A well designed plan of income protection will provide you with a reasonable percentage of your income for as long as you remain disabled. Most employers offer a plan for income protection that provides coverage during the period of your employment (and beyond if you become disabled while covered). Employer sponsored plans can be economical and they can provide significant benefits. Sometimes it is beneficial to add personally acquired income protection coverage to improve the overall level of benefit and to guarantee that a portion of your coverage is portable in the event you start your own enterprise or choose to work for a different employer. Of course,
if you are a sole proprietor or if you work in a small firm that does not offer disability income protection it maybe important for you to provide individual coverage for yourself.

A typical employer sponsored plan would provide a monthly benefit of 60% of your covered salary payable until your normal retirement age. A group plan usually has a maximum monthly benefit of $10,000 (could be higher or lower). The monthly disability benefit is most often integrated with social security disability benefits. Tax-ability of benefits received is dependent on if the premium was paid before or after tax or in the premium was paid by
the employer.

Most group plans insure salary and not bonus. If, due to high salary your coverage is at the maximum monthly benefit level you should consider the possibility of obtaining additional coverage to compliment the group plan. The ability to obtain a personal disability policy is based on your earnings history. It is possible to provide monthly benefits in excess of $25,0000 for individuals with a history of high income.  Remember, our ability to earn income is our most valuable asset, A guaranteed plan to protect your income is very important.

Steven has extensive experience formulating plans for individuals and large or small employers. When an employer plan is involved it is possible to combine the use of group insurance and individual policies issued on a guaranteed basis to provide the most comprehensive and economical coverage possible.