We will when you can't
According to statistics, one in four people will have to deal with a disability in their working life and many will be disabled for more than 90 days. Overcoming a disability can drain a family’s savings, jeopardize a company’s stability and cause financial hardship. Disability insurance can help reduce the financial burden.
Rogers Insurance offers disability insurance as part of its commercial and life benefits insurance plans. Disability insurance is a part of a competitive benefits program to attract and retain the best employees. Contact one of our experienced disability insurance brokers for a quote today.
What is disability insurance?
Disability insurance helps reduce the financial burden if an employee is temporarily unable to work or permanently disabled due to an injury or illness. It provides a percentage (60-85%) of an employee’s regular income for a specified time period, up to a maximum dollar amount.
There are two types of disability insurance:
- Short term disability provides benefits for up to 6 months.
- Long term disability provides benefits for a longer period of time after short term disability benefits cease.
Do you need to provide disability insurance as part of a group benefits plan?
Disability insurance is a part of a competitive life and health benefits insurance plan. This can help attract and retain employees.
Why should I offer disability insurance for employees?
Disability insurance as part of a life and health benefits insurance plan can help attract and retain employees.
It allows an employee to focus on rehabilitation after an injury or illness that prevents them from working as it reduces their financial burden during this time.
How does disability insurance work?
You can purchase disability insurance as part of your group benefits plan or simply as a standalone policy. Employers have the option of covering the whole cost or passing on partial cost to employees.
If an employee is unable to work due to injury or illness, disability insurance will provide them with a percentage of their normal pay. Disability insurance normally kicks in after any paid sick leave and require medical proof. Short term disability would come into effect first, followed by long term disability (usually after 6 months). Disability insurance payments do not continue forever – most long term disability insurance payments end after two years. Payments also stop if the employee returns to work.
Exactly what is required to trigger coverage may vary with the insurer and individual plan.
Any Occupation vs. Own Occupation Disability Insurance
There are two types of coverage triggers for disability insurance: any occupation and own occupation. If an employee is unable to work, the disability insurance coverage is triggered when they cannot work any job or if they cannot work their own job, respectively. Own occupation disability insurance is more attractive for employees due to the benefits, however, it can come with more expensive premiums.
Short Term Disability Insurance vs Long Term Disability Insurance
Short term disability insurance provides coverage from the time of the employee being unable to work until 3 to 6 months after that point. It provides a higher percentage of the individual’s income (60-85%).
Long term disability insurance comes into effect after other benefits have run out, usually around the 6-month mark after an employee is unable to work. It replaces a lower percentage of the individual’s income and can continue for up to 2 years.
The exact limits and benefits of short term and long term disability insurance will depend on your individual plan. We can develop a benefit that works for your company, its employees, and your budget.
Work with Rogers Insurance for Your Disability Insurance
Our disability insurance brokers are the best in the business. Here are a few reasons why:
- They’re experienced professionals who understand the industry.
- They’re independent, meaning they work for you and not an insurer.
- They’re your advocate and advisor. They’re there to help answer your questions, get you the best coverage, and help you navigate claims.
- Their customer service is exceptional.
- They can get you comprehensive coverage at competitive prices.
Contact us today for a disability insurance quote for your commercial group benefits plan.