Disability Insurance
Should You Offer Group Disability Insurance to Your Employees?
If you have 10 or more employees, a group disability benefit may be a valuable addition to your employee benefits package. Group disability plans typically provide a totally disabled covered employee with a benefit of up to 60% of their pre-disability income, to a specified maximum, such as $10,000 a month. It can help to cover personal expenses as well as provide business overhead protection.
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Advantages of a group plan include:
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Plan design flexibility. In many cases, employers can elect a plan design that fits their budget and works for their employees. For example, an employer may choose a guaranteed issue plan, which gives employees the option to purchase coverage regardless of their current health condition.
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Lower premiums. Group rates tend to be lower than individual rates.
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Potentially portable. Depending on the plan design, covered employees may be able to take their coverage with them if they leave the company.
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Premium payment flexibility. Premiums can be paid by the employer, the employee, or a combination of the two, using pre-tax or after-tax dollars.
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Tax deductible premiums. You can take pre-tax company-paid premiums as a business tax deduction.
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Recruitment and retention tool. Having group disability insurance in your benefits program helps attract and retain quality employees.