Disability insurance is one of the least understood types of insurance, but also one of the most important because it protects one of your most valuable assets, your income. Many employers and employees mistakenly believe that Worker’s Compensation or Social Security disability benefits will protect an employee if he or she becomes disabled. The truth is, Worker’s Compensation doesn’t cover you unless you get injured or become sick from your job. Social Security disability benefits are difficult to qualify for and often quite restrictive.
Employer-sponsored group disability insurance is less expensive than you might think. For less than the cost of one family’s group health premium, you can cover up to 20 employees depending on the plan design. Group disability is also much less restrictive and easier to qualify for than Social Security or Worker's Compensation. This means your employees will have a much better chance of being able to collect employer-sponsored group disability insurance than they would Social Security or Worker's Compensation in the event that they become disabled.
Employer sponsored disability plans are designed to protect either a short-term or a long-term disability. Short-term disability insurance plans usually offer benefits that start in a few days or a couple of weeks after the onset of the disability and are paid for a maximum of 6 months. Long-term disability insurance benefits usually begin after 90 days of an injury or illness and generally continue for the length of the disability or until retirement age. Plan design is important and coordinating both to work together offers your employees excellent protection while maintaining your company’s budget.
Contact us to see how you can help protect your employees through Disability Insurance.
Disability insurance is one of the least understood types of insurance, but also one of the most important because it protects one of your most valuable assets, your income. Many employers and employees mistakenly believe that Worker’s Compensation or Social Security disability benefits will protect an employee if he or she becomes disabled. The truth is, Worker’s Compensation doesn’t cover you unless you get injured or become sick from your job. Social Security disability benefits are difficult to qualify for and often quite restrictive.
Employer-sponsored group disability insurance is less expensive than you might think. For less than the cost of one family’s group health premium, you can cover up to 20 employees depending on the plan design. Group disability is also much less restrictive and easier to qualify for than Social Security or Worker's Compensation. This means your employees will have a much better chance of being able to collect employer-sponsored group disability insurance than they would Social Security or Worker's Compensation in the event that they become disabled.
Employer sponsored disability plans are designed to protect either a short-term or a long-term disability. Short-term disability insurance plans usually offer benefits that start in a few days or a couple of weeks after the onset of the disability and are paid for a maximum of 6 months. Long-term disability insurance benefits usually begin after 90 days of an injury or illness and generally continue for the length of the disability or until retirement age. Plan design is important and coordinating both to work together offers your employees excellent protection while maintaining your company’s budget.
Contact us to see how you can help protect your employees through Disability Insurance.