Disability Insurance....tends to be a benefit many consider a luxury rather than a necessity
Rockville, MD (PRWEB) October 28, 2011
What happens when an ex spouse is still on a person's 401(k) as primary beneficiary? What happens when a baby needs to go to the hospital and the employee didn't inform the company to add the new child as a dependent on their health plan?
DIQuotes, a firm specializing in disability insurance for physicians and dentists, has released a valuable checklist of the most common annual enrollment oversights employees make when renewing their company benefits each year. Such common examples would include forgetting to review who the qualified plan (401k) beneficiary is as well as omitting the addition of a new child or spouse to their health plan.
Many working individuals will start the open enrollment process this fall for company benefits. Taking the necessary time to re-examine the options is critical for ensuring proper protection. Sadly, many employees neglect to sign up for their companies most important benefit - disability insurance.
While the additions of a family member to the health plan seem obvious, the need for participating in the group disability insurance plan often goes overlooked.
“Too often, people simply focus on their health or dental plans and whether or not their new child or spouse is signed on without considering disability insurance,” said Thomas Lloyd, President of DI Quotes, “It tends to be a benefit many consider a luxury rather than a necessity.”
Understanding disability insurance options is a crucial first step to take. Group plans typically cap a maximum monthly benefit to all employees, leaving the executives or owners who make more money at risk for insufficient income protection.
“Executives, Owners, and other key employees with larger salaries and bonuses should strongly consider a supplemental policy on top of their group plan,” says Lloyd. “Not having sufficient income protection by just having group ltd coverage does not solve the problem of income replacement if that person cannot work.”
Taking the time to review all of these company plan options should ensure that a person's company plan benefits are in line with their current life.
Thomas Lloyd is a Disability Insurance Specialist for the Financial Balance Group based in Washington DC. He provides physicians and dentists nationwide with disability income protection plans and strategies to ensure retirement savings in the event of a long term disability or illness. If you have any questions or concerns regarding life or disability insurance, please email Thomas - tlloyd(at)diquotes(dot)com or contact him toll-free at 1-866-680-8779.