Short-Term Disability Plans
The financial consequences of disability can be devastating. That’s why protecting the ability to earn an income is a vital component of a complete employee benefits program. Protect your business and your employees’ income in the event of a disability, injury or illness.
Choose the plan design that fits your company the best:
Fixed schedule: select the same benefit payment for all employees of $200 to $1500 a week.
Earnings schedule: Benefits based on 60% of an employee’s weekly income, with payments as high as $1500 per week for qualifying incomes.
Benefits are paid during the period an employee is disabled due to a non-occupational accident or sickness. Payments begin the first day, if the disability is due to an accident, or the eighth day, if the disability is due to sickness -- and are payable for up to 13 or 26 weeks.
Long-Term Disability Plans
In the event of a long-term disability, most employees don’t have enough savings to cover their monthly expenses over an extended period of time. Disability insurance provides the financial protection they need.
Long-term disability insurance doesn’t pay full wages, but it does pay up to 60% of base earnings. That 60% helps provide a steady income until an employee can recover and return to work.
Plan Design Features:
Annual incomes up to $200,000 can be fully covered.
Premiums may be paid by the employee, the employer, or the cost may be shared.
Monthly benefit payments end when the participant recovers from disability or reaches age 65, whichever is sooner. (Active employees over age 60 are covered up to age 70 according to a benefit schedule.)
Benefit payments are not reduced by any individual disability insurance a participant may have.
The plan includes a special own occupation benefit for executives of up to five years.
Additional Benefit: Employees are also covered around the clock with "24-Hour Travel Assistance" when 100 miles from home or in a foreign country. This special benefit includes medical consultations, transportation benefits, legal and interpreter referrals and many more benefits all at no additional cost.
