Paycheck Protection Insurance is a type of coverage that is incredibly important, yet many people don’t have. This kind of insurance may be offered through your employer as part of the benefits package. Most times, they do not have an insurance agent available to explain what it is to you and answer your questions. If you choose to purchase it through your job, you may think you will be covered if you can’t work. But, there is a good chance you may not be, at least not fully.
Purchasing this type of insurance through your job often gives the illusion that the individual is fully covered when they can’t work. The person pays money out of their paycheck every month to have the insurance, but won’t be as useful as you want it to be in a critical time.
1.) Unfortunately, the coverage obtained through your work is just that, an illusion. It is an illusion because these policies are very commonly filled with limitations and exclusions that do not offer full coverage for the paying individual.
- These policies are very particular about what they will and will not cover. If your illness/injury/disability doesn’t exactly fit into what they have laid out in their policy, they will not cover you.
- In a time where you can’t work and have just suffered a debilitating experience, you don’t want to have to think about not being insured or having an income.
2.) Paycheck Protection Insurance offered through your employer will probably not pay you for more than 2 years of you not working.
- If your illness/injury lasts more than 2 years, they will stop paying anyway.
- If after 2 years, you can perform any other job, even if it wasn’t the one you previously had, you have to take it.
3.) These policies can be very limiting as far as mental illness and substance abuse. Some will pay for 2 years and some won’t. But, many of these ailments last MORE than 2 years.
4.) Once you leave your job, you Paycheck Protection Insurance plan ends. So basically you have to stay at that job to keep your plan.
If You Have Paycheck Protection Insurance Through Your Job…
- Get a Supplemental Disability Insurance plan. It will fill in the “holes” of your work insurance plan. This can be obtained with a private insurance advisor.
- Get your Paycheck Protection Insurance policy checked by a private insurance advisor to make sure you know what it will and will not cover.
We Can Help
Our experienced advisors can help you get started with Paycheck Protection Insurance or Supplemental Disability Insurance. Call us at (800) 788-8921 to speak to an advisor or fill out our Contact Form to be connected with us.