My employer provides long-term disability coverage as an
employer-paid benefit (they are also smart enough to run
it through post-tax so if we ever have to collect, the
benefits will be tax-free).
However, the coverage is only own-occupation for the
first 24 months. After that it only covers being unable
to work at all.
So I was wondering if it is possible to buy an individual
own-occupation LTD secondary policy with a 24-month elimination
period? That way I'd have full own-occ coverage (first 24mo
via employer plan and the rest on my policy) and hopefully
be able to get the policy relatively cheaply because of the
long elimination period (and because as a secondary policy it
presumably would not pay out if I was disabled enough that I
could collect on the employer's post-24-month "unable to work
at anything" coverage).
- posted 6 years ago