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What is a Tiered-Benefit Structure?
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Friday, November 23, 2018

With disability insurance generally being overlooked or misunderstood in America, it’s easy to see why so many go without it even though it’s one of the greatest resources for an income-earner in the event of misfortune. Some employers may provide some level of disability benefits, but they’re often very limited in terms of how much they’ll cover. Many times, the limits cover a maximum of 50% of the insured’s salary with monthly caps dependent on several factors outside of the insured’s control.

For those who aren’t covered by a group disability policy or find their group policy lacking, they can fortunately obtain an individual policy. Unfortunately, those with higher incomes may find that it’s difficult to find a traditional policy that would actually be able to cover their needs. This is where a tiered-benefit structure comes into play.

Let’s say there is a wealthy business owner living in San Francisco who makes around $800k a year. It may seem like a lot, but with the current housing market in the Bay area and ensuring her family’s lifestyle is met, her expenditures can quickly add up. With his current group benefits, he is capped at $15k a month to cover his expenses – less than ¼ of her current income. Adding another $15k through a disability insurance carrier would still provide less than half of her yearly salary, far less than what she and her family would need to survive financially in the case that she would begin to suffer from a disability.

Income Protection Resource Group is able to provide these tiered income protections to give you peace of mind above what traditional disability insurance policies can give you. Being under-insured in a time of crisis is waiting for disaster, especially when 3 out of 10 people in the workforce will become disabled during their career. Make sure you and your family have all your bases covered by contacting Income Protection Resource Group today.



 
 
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IPRG BLOG

What is a Tiered-Benefit Structure?
Friday, November 23, 2018


Why You Need to Get Your Clients Disability Insurance
Friday, July 20, 2018
 

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