While most employees recognize the need for Short-Term and Long-Term (STD and LTD) protection, it is often the product that is left out of a benefits portfolio.
Attractive employer options exist that allow you to offer Disability Insurance to your employees on a voluntary basis with no cost to the company. Employees pay premiums through a group member contract. Additional options include disability buy-out plans that protect an owner or key employee forced out of their career by a disability.
Group disability insurance is often easier to apply for. Unlike private disability insurance plans, you won’t need to prove your income when you apply for the policy. If you have a health condition that would normally bar you from receiving disability insurance, you’ll also be able to skip the medical exam, as group disability insurance policies are frequently guaranteed issue. That means you’ll have the same coverage as colleagues who are healthier (or less healthy) than you.
For employers, Group disability insurance rates often have lower premiums. Group disability insurance comes with premium payment flexibility. They can be paid by the employer, the employee, or a combination of the two, using pre-tax or after-tax dollars.