Changing jobs often triggers a need to reassess your disability insurance. Here are some tips to make the move run smoothly.
1) Before you move, evaluate your current disability plan. This includes both your individual and group disability policy. Find out if your current group policy is portable. Also, find out if you can increase your disability policy if you lose your group policy.
2) If you are moving to a different state, evaluate your current individual policy compared to the new state’s premium. If you are moving to a more expensive state such as California or Florida, it may make sense to increase your policy prior to your departure. If you are leaving a more expensive state, it may make sense to purchase more benefits after your move.
3) Evaluate your new employer’s plan if available, prior to your move. Find out if the coverage is available and what it covers. Does the employer make you wait a year before you are eligible? Does the group plan cover you in your own occupation for the entire benefit period?
4) What will your new expenses be after your move? Perhaps you just finished your medical residency and are landing your first job. Your student loans are now due and you just purchased a mortgage. Determine how much benefit you will need to cover these new obligations.
5) Discounts. If you have not yet purchased your disability insurance, find out if you are eligible for discounts at your current employer or if they are available at your new employer. Discounts on an individual policy can save you up to 55% for women and 20% for men.