Long term disability insurance provides an income benefit for employees who find themselves unable to work due to an accident or sickness. The prospect of facing a prolonged disability is one of the greatest concerns among employees. For most of us, our income is our single greatest asset; It provides the means to pay for housing, food, utilities, education, healthcare and retirement. Coupled with the fact that most families could only withstand the loss of income for a short period of time, a long term disability could be financially devastating.
Most plans include cost of living adjustments, survivor benefits and rehabilitation incentives for those attempting to return to work. We help employers evaluate the decision of offer disability coverage on an employer paid or voluntary basis. We can even design management carve-out plans to help recruit and retain top talent.
Short Term disability insurance is often referred to as “paycheck” insurance. Short term disability plans are designed to protect an employee’s income in the event of an accident or sickness that would otherwise prevent them from earning a living. Short term disability plans typically have short elimination periods such as 1, 7 or 14 days and then may have a benefit duration of 3, 6 or 12 months, depending on plan design. While most employers cannot afford to continue the income of a disabled employee beyond the stated paid time off policy, a short term disability program is an excellent way to protect against the financial hardships often associated with a period of unpaid leave.
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