The Unum plan’s monthly premium was approximately $259.58 for $7,500 monthly benefit. Ameritas has approved the client for a $6,000 benefit for a monthly premium of $378.12. Considering the income, the maximum amount of monthly coverage the client could have with individual plans is $7,500, therefore, both plans could not be taken if it exceeds that amount. Considering this information and the benefits described above, the client finalized his plan to continue with Ameritas for $6,000 monthly benefit and to take the Unum plan for $1,500.
This outcome would insure the client’s income under multiple LTD plans. Group plans can be great options to supplement on top of your individual coverage as they could be more cost effective but the individual private plans you could obtain will have better benefits and easier ways of qualifying for coverage.
We highly do not recommend relying solely on your group coverage but it is important to have an individual plan that will follow you for the rest of your career if you decide to start your own practice or change to an employer with no coverage at all.