Employer Group Disability Insurance

Did you know that more than half of all Americans are living paycheck to paycheck?

Worker’s compensation coverage will not provide a financial benefit for accidents or injuries that occur off the job, were almost 60% of injuries occur. 

Attracting productive employees who increase productivity, can be greatly enhanced by an employee knowing that his paycheck is covered.

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What Happens?nt>

Without a disability insurance program, the employer faces a multitude of problems when an employee becomes disabled. Should the employee be paid? For how long and how much? These are just the start of many difficult issues to face the employer.

Not knowing what is available often makes employers feel helpless about minimizing the financial impact of employee disabilities upon their business. The realities are that a properly designed and priced disability program can reduce the financial strain. It can also help assist employees return to work earlier and with a positive attitude towards the employer.

A disability insurance plan solves these and many more problems. It allows the employer to focus on managing the business and puts the administration of the disability program in the hands of disability professionals.

Disability income protection insurance provides financial benefits to employees when they are unable to work due to a disability caused by a covered illness or injury, regardless of whether or not that illness or injury is work-related. 

Group and individual long term, short term and supplemental disability income protection plans are available in both employer paid or voluntary employee paid plans.

Coverage option are usually available to meet the employers specific coverage and benefit needs.

Many employers provide their employees with income protection in the form of short term disability or long term disability insurance coverage which is designed to replace 50% to 60% of employee income at the time of disability excluding bonuses and pension contributions and minus any government program benefits you receive.

Premiums for typical company and association plans can be raised and coverage canceled at any time, making them somewhat problematical to rely on. If your employer pays the premiums, then any benefits you receive will be taxable. And if you leave your job you will probably lose the coverage. Finally, if your disability allows you to work at another job outside your own occupation, you may not be considered eligible for benefits.

Conversely, individual policies can cover not only base salary, but also bonuses and, with a few insurers, pension contributions. Also, if you pay the premiums yourself, benefits are not subject to taxes. Most individual DI policies come with fixed premiums and non-cancellable coverage. Individual DI is also portable if you change jobs even if you change careers.