Group Disability
Insurance
Group Disability Insurance
for Employees
We will when you can’t
Offering group disability insurance as part of your overall employee benefits package is a great way to attract exceptional and loyal staff in Canada.
This important coverage provides your employees with a financial safety net in the event they are unable to work after suffering from a disability that is not job-related. A disabled employee will regularly receive a percentage of their income during the benefit period so they can focus on rehabilitation.
Contact one of our experienced disability insurance brokers for a quote today.
What is own occupation group disability insurance?
Group disability insurance policies typically have a definition built in for how long the insurance company will try to return the employee to his or her own job, versus any job for which the employee is reasonably qualified based on age, experience, education and salary.
A standard group disability insurance contract will have a definition of two-year “own occupation.” This means the insurance company will work with the employee to return him or her to their own job for the first two years. After two years, the insurance company will attempt to return the employee to any position in which he or she is reasonably qualified. If an employee is unable to perform the duties of any occupation, the employee will likely remain on disability until the benefit period duration is exhausted.
Who pays for group disability insurance?
Creating a group disability insurance plan for your business is a flexible process. For example, you can opt to have your business pay the entire premium or you may choose to pass on the partial or total cost to your employees.
If the employer pays for any portion of the disability premium, the disability benefit will become taxable to the employee. Taxability considerations are an important part of designing the disability benefit to insure staff have the financial support they need in a time of crisis.
One of our expert group disability insurance brokers can help you determine if a contributory plan (in which your employees pay for part or all the premium) or non-contributory plan (in which your business pays the entire premium) is the best fit for your organization and staff.
Why Your Business Should Offer Group Disability Insurance
According to statistics, one in four Canadians will have to deal with a disability in their working life and many will be disabled for more than 90 days.
Recovering from a disability—no matter if it is a physical injury or mental health illness—can cause an employee significant financial hardship.
Group disability insurance can help your employees recover some of their income so they can focus on their recovery. And, the good news, is that the majority of employees do recover from their disability and return to work!
How Much Does Group Disability Insurance Cost?
The cost of group disability insurance will vary depending on how your business sets up its plan and which insurance provider you’re with. Some factors that will impact the rate include, but are not limited to:
- Benefit coverage amount
- Number and average age of employees
- Industry and occupational risks
Working with Rogers Insurance for Group Disability Insurance
Our group disability insurance brokers are the best in the business—they’re experienced and knowledgeable professionals who specialize in the industry. They will guide you through the entire process of developing your group disability plan and will also advocate and support you in the event of a claim.
Plus, as one of the largest, independent brokerages in Canada, Rogers Insurance works for your business, not an insurer. We have access to the top group disability insurance providers across the country, meaning we will shop and compare across the market to find your business the best coverage at the best price.
Contact our team today to learn more and get a quote on group disability insurance.