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Group Disability Plans
Disability coverage provides employees with income protection against disabilities and illnesses that prevent them from working. The risk of disability is greater than most people realize. Consider these recent statistics:
Disabilities affect one-fifth of Americans (approximately 49.7 million)
On average, about 2,329 disabling injuries occur every hour during the year
A disabling injury occurs every eight seconds at work
The need for disability coverage is clear. Group disability coverage is the best benefit for the cost!
There are two types of group disability plans available:
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Long Term Disability (LTD)
Long Term Disability provides monthly benefits for employees who are partially or totally disabled by a covered physical disease, injury, pregnancy or mental disorder. LTD insurance features flexible policy provisions that enable employers to customize their coverage choices.
LTD Plan Features
Up to 70 percent salary replacement
Monthly benefit amount up to $25,000
Definitions of disability covering own occupation, any occupation and "zero-day" partial disability
Own Specialty Definition of Disability for physicians and attorneys
Assisted Living Benefit
Lifetime Security Benefit
Medical Expense Benefit
Child Care Benefit
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The financial impact of not having Disability insurance
46% of all foreclosures on conventional mortgages are brought about by a disability.
Most families could not pay their living expenses without the income protection benefit.
Without an income people can lose everything. Many land in bankruptcy court, where half the filers are there because of medical-related costs.
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Short Term Disability (STD)
Short Term Disability provides weekly benefits for employees who are partially or totally disabled by a covered physical disease, injury, pregnancy or mental disorder. Short duration disabilities are more common than long term disabilities and are costly to employers both in lost productivity and actual expenses, especially if an employer currently has a salary continuance plan for short-term absences.
STD insurance offers an attractive way for employers to supplement their sick leave or statutory disability benefits programs and minimize the expense of continuing salaries while employees recuperate.
STD plans feature the following flexible policy provisions and options:
Maximum benefit duration up to 52 weeks
Up to 70 percent salary replacement
Benefit waiting periods starting at zero days for accidents and three days for illnesses and pregnancies
First Day Hospital Benefit
Daily Hospital Benefit
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