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Disability Insurance
The Facts About Long-Term Disabilities
- One third of people between ages 35 and 65 will suffer a serious disability
- About 1 in 7 people can expect to be disabled for five years or more
- 48% of mortgage foreclosures are the result of a disability
There’s no way to guarantee your employees’ health, wealth, and safety. However, if misfortune strikes, there is something you can do to ease the financial pain.
Disability insurance can replace a portion of your income when you are unable to work because of injury or illness. There are two major types of disability coverage:
Short-Term Disability
Short term disability provides an income for the early part of a disability. A policy may pay benefits for two weeks up to two years. Short-term disability is often included as part of an employee benefits package. Temporary, short-term injuries– a car accident, back injury, or sports mishap– can disrupt the lives of your employees and lead to long-term financial consequences. With Short-Term Disability Insurance, you can provide a weekly income to employees who are unable to work because of a covered temporary disability. Short-Term Disability Insurance creates a bridge back to full-time employment when a covered temporary disability prevents one of your employees from working.
Short-Term Disability Insurance raises employee confidence in you as an employer– confidence that you have a plan in place to ease the financial discomfort of an illness or accident.
- Flexible plan designs for employers with 2 - 1,000 employees
- Fully insured plans
- State mandated disability coverage in New York, New Jersey, and Hawaii; excess coverage over statutory benefits is available in California.
- Rehabilitation Incentives and Family Care Expense Benefits
- Automated initial disability duration guidelines
Long-Term Disability
Long term disability helps replace income for an extended period of time, usually ending after five years or when the disabled person turns 65. Some people have long term disability insurance provided by their employers; others purchase it individually. Your employees need to know that if they are out of work for an extended time due to an illness or accident, their income is protected. Long-Term Disability Insurance increases employee confidence in you as an employer– confidence that you have a plan in place to ease the financial discomfort of an illness or accident, allowing a household to regain financial stability when a family member is out of work.
Long-Term Disability Insurance picks up where Short-Term Disability Insurance leaves off. For employers, it means not having to make tough decisions about whether to continue paying an employee’s salary during an extended period of disability. It also addresses the cost of replacement workers, lost productivity, and worker morale. Because the risk of long-term disability is increasing and the causes can be complex, it makes sense to give your organization the financial protection and competitive advantage of Long-Term Disability coverage.
There are two major types of individual long-term disability insurance: non-cancelable and guaranteed renewable. The key difference between the two major types of policies is that under a non-cancelable contract, you have extra security that premiums can never be raised above those shown in the policy as long as the required premiums are paid. With a guaranteed renewable policy, the premiums can be raised, but only if the change affects an entire class of policyholders. For this reason, initial premiums for guaranteed renewable policies can be less expensive than non-cancelable policies.
- Flexible plans available for employers with 10 - 1000 employees
- Return-to-Work and Rehabilitation Incentives
- Family Care Expense Benefits
- Temporary Recovery Days
- Flexible Claim Management Services
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