Here are seven tips for maximizing your coverage:
1. Check the duration of benefits and look to see how job tenure affects it.
2. Examine the insurer's definition of disability.
3. If you have group insurance, don't forget to calculate the tax bite.
4. Check to see if the plan offers a 401(k) or pension contribution.
5. Understand the differences between group insurance and individual policies, and consider buying an individual policy as a supplement to your job-based one.
6. Make sure the period of disability for mental and emotional disability is equal to that for physical disability.
7. If you're young, consider a future increase option on an individual disability policy.
