7+ Year Member
- Feb 15, 2011
- Attending Physician
I have my own policy through guardian. My employer is now offering a policy as well. I'm sure it is not own occupation. Is it worth even signing up for it or is it useless?
IMO you are incorrect. You can receive benefits from each policy. It is just like having two life insurance policies where you collect face value of each. There are those that advocate having multiple policies in case one insurer goes belly up. The tax treatment is another matter....Well my previous response has disappeared. It is "free" to me however next year it will come out of my overhead. I'm worried that this "free" benefit will cause complications in terms of a who-pays-what scenario if I had to file a claim. I'm sure the benefit is not additive and I envision the two companies just arguing over who pays for how much. In the end, I would think that my max benefit would be the same and my current premiums will stay the same. The only thing I would be doing would be potentially saving my other insurance money in the event of a claim. Am I right in that line of thinking?
One thing I know for sure, there are a couple of things in life that are guaranteed...I'm about to exercise my FIO with Berkshire. The agent requested I discontinue my disability policy from my employer before doing this. The issue was that I would not be able to increase my FIO to the max allowed by my salary because Berkshire would reduce this amount by whatever additional coverage I had.