Disability Income Insurance
Disability Income Insurance provides financial protection to employees who are unable to work due to illness or injury, replacing a portion of their lost income. This type of insurance helps ensure that employees can maintain their lifestyle and meet financial obligations while they recover.
For your business, offering disability income insurance not only supports your employees but also enhances your employee benefits package, improving retention and job satisfaction.
How to Choose the Right Plan:
- Assess Employee Needs: Consider your workforce’s age, job roles, and health. This will help determine the coverage amount and waiting period.
- Coverage Options: Decide if you want short-term or long-term disability coverage. Short-term typically covers 3-6 months, while long-term can last years or until retirement.
- Benefit Amount: Choose a plan that provides adequate replacement income—typically 60-70% of an employee’s salary.
- Waiting Period: The shorter the waiting period (elimination period), the higher the premiums. Choose a balance between affordability and timely support.
- Optional Riders: Customize coverage with riders like cost of living adjustments or return-to-work benefits.
Are you thinking that social security would cover your employees?
Think again. The benefits are limited. To determine your Social Security disability benefits and learn more about benefit eligibility visit www.ssa.gov/disability.
What about Workers Compensation?
Workers Compensation only kicks in if they're are hurt on the job.
What happens if they're are hurt at home? Think disability income insurance.
Think about it, Your employee's greatest asset is their ability to earn a living. What would become of them and their family if they suddenly became disabled and were no longer able to work? Disability income insurance can play a crucial role in helping them manage their financial needs if a disabling illness or injury occurs.
Partnering with us: We can help you navigate these choices, offering tailored solutions based on your business size and needs. We’ll provide expert advice to ensure you select the right plan that supports both your employees’ well-being and your business objectives. Let us be your trusted partner in securing a comprehensive disability income insurance plan.