If you've been to London and have taken the Underground Rapid Transit System, you are likely familiar with the Mind theGap signs and constant reminders to be careful navigating that one-foot gap between the platform and the subway car.It seems over the top until something happens and an emergency occurs because someone isn’t paying attention. We could also be accused of overdoing it when it comes to Group Long Term Disability (LTD) insurance.
The Gap That’s Also a Blind Spot
Many of our employee benefit clients have a Group LTD that is typically designed to cover the basic long-term disability income needs of 80% of the employees. That’s the good news! The bad news is that it typically does not adequately protect business owners, senior management, key people and leading sales performers who think they are “all set” but are too busy to examine the limitations for highly compensated employees.
Why? Because “LTD” could also stand for "Last Topic Discussed". There are many aspects to a comprehensive benefit and retirement program where disability is often glossed over, or considered a non-essential add-on for coverage. However, it could be argued that it insures your
important asset…the ability to earn income over a long career.
2 Minute LTD Review
Please join me in doing a rapid check of your Disability Income Protection you can determine whether this impacts you or not:
If you are confident that your current Group LTD coverage (plus any individual policies) would keep you financially whole in the event of a serious accident or injury, you’re done!
If it appears you need to Mind The LTD Gap, please consider the following options:
Know Your Numbers
There are some other essentials to designing and implementing the best plan for your industry, occupation, health history, tax bracket, etc. But, if you take a few minutes to understand your current compensation and how your Group LTD will protect you in different scenarios, you’ll be positioned for financial security and peace of mind. Especially knowing that you can save time and money by securing needed, additional coverage.
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