Disability insurance is an important consideration for STEM professionals. As a highly educated and skilled group of workers, STEM professionals have a lot to lose if they are unable to work due to an injury or illness. Here are some important facts to consider when thinking about disability insurance:
Your Income is Your Most Valuable Asset
As a STEM professional, your ability to earn an income is your most valuable asset. If you were unable to work due to a disability, you may not have enough assets to cover your expenses. Disability insurance can help to insure your income and protect your financial security.
Group Benefits vs. Individual Policy
Many STEM professionals may be offered group policies through their employer. However, these policies may offer limited monthly benefits and may require you to be totally disabled before you can receive any benefits. Additionally, the benefit may be taxable income to you if the employer is paying the premiums. It is important to supplement group policies with individual policies, which offer better definitions and are portable.
Policy Language and Riders
When considering an individual policy, it is important to ensure that the policy has an own occupation definition and noncancelable, guarantee renewable language. Riders such as residual riders, increase options, and cost of living riders can also be added to the policy.
Benefit Limits for STEM Employees
STEM professionals in their first year may purchase up to $3000/month benefit regardless of income.
There are several ways to reduce premiums while getting established, such as graded or increasing premiums or supplementing group policies with individual policies.
In conclusion, disability insurance is an important consideration for STEM professionals. It can help to insure your income and protect your financial security in case of a disability. By understanding the facts and options available, STEM professionals can make informed decisions about their disability insurance.
For more information about disability insurance for STEM workers or to request a quote, contact Set for Life Insurance today!