Buying extra coverage through a group plan is almost always less expensive than buying an individual policy on your own. Institutions that provide a TIAA group disability plan for their employees often add a monthly annuity premium benefit feature. This feature ensures that pension contributions continue even while you're receiving disability income benefits. This allows you to continue your retirement plan while disabled, a particularly valuable feature since the pension contributions will accumulate over decades. Also, consider how much sick pay you are entitled to.
Many employers continue wages for a specified time.
In addition, workers' compensation benefits, though usually small, would probably kick in if you were disabled because of an injury or illness related to your job. Don't forget to look into veterans' disability benefits if you served in the armed forces. To determine whether you need additional disability insurance, complete the worksheet below and speak to someone in your institution's benefits office to get any missing figures. Percentage of salary payable Effect of benefits from other sources such as Social Security in determining how much you will receive If you find that you need more insurance, there are some issues to consider before you buy a policy. You can buy disability insurance that will pay benefits anywhere from two years to as long as you live.