Can someone explain the process for determining the amount of benefit a private insurer will pay for disability income?
Here's where I'm confused - Let's say your individual policy says it will pay 70% of your current income. What happens if you're on Worker's Compensation and/or Social Security Disability, as a result of this disability? Does the insurance company coordinate with those agencies to bring your total benefit up to 70%?
And what happens if your Worker's Compensation runs out? Does the private plan then increase its benefit?
Thanks for any input, my little brain can't figure this one out.
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Here's where I'm confused - Let's say your individual policy says it will pay 70% of your current income. What happens if you're on Worker's Compensation and/or Social Security Disability, as a result of this disability? Does the insurance company coordinate with those agencies to bring your total benefit up to 70%?
And what happens if your Worker's Compensation runs out? Does the private plan then increase its benefit?
Thanks for any input, my little brain can't figure this one out.
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