If your employer provides group disability and life insurance as part of your benefits package, you might think you’re adequately covered. But the coverage you get through your job may pay only a small portion of what you or your family would need if you were to become disabled or die. Purchasing individual disability and life insurance policies to supplement your employer’s coverage can ensure that you and your family will be provided for.
Purchasing Disability Insurance
Disability insurance replaces a portion of your income if you’re ill or injured and unable to work. Before you buy an individual policy, review the short-term and long-term disability coverage you have through your employer. Policies can vary considerably, so be sure you know what you’re getting. Important considerations — in addition to the benefit amount — are the:
- definition of disability,
- waiting period before coverage begins
- length of coverage.
Look for a policy that pays benefits if you can’t perform the duties of your own occupation.
Supplementing Life Insurance
The limited death benefit paid by a group life insurance policy from your employer may not be enough to provide for your family over the long term. Consider all the things your loved ones may need money for, such as child care expenses, health insurance, college tuition, or even paying for services you or your spouse once provided. Purchasing additional life insurance can help your loved ones maintain their current standard of living without your income.
How CNB Can Help
Our team of experienced financial planners can help you determine the amount of disability and life insurance you’ll need to fully protect yourself and your loved ones in the event of your disability or death.1 Contact them today with any questions about your coverage needs at 585-419-0670.
CNB Insurance Agency is a wholly owned subsidiary of The Canandaigua National Bank and Trust Company. Products offered through CNB Insurance Agency are not deposits or obligations of, or guaranteed, or endorsed by, The Canandaigua National Bank and Trust Company. These products are not federally insured by the Federal Deposit Insurance Corporation or the Federal Reserve Board. Insurance Companies offering products through CNB Insurance Agency are independent of and not affiliated with The Canandaigua National Bank and Trust Company or CNB Insurance Agency.