Group Disability Insurance
All U.S. states require that the employer provide Workers' Compensation coverage of their employees with some disability income if the employee were to get hurt on the job. Thus, Long-Term Disability insurance is extremely valuable to employees since it can help fill in a loss of income gap.
Long-term Disability Insurance provides “loss of income” coverage to an employee if they are injured or become sick outside of work. This provides income to an individual or their family at a time when an employee cannot earn an income is an extremely important benefit to offer.
Generally, bills for a family or individual increase when someone is disabled and having a steady stream of income in helps dramatically in an effort to keep us financially stable.
In New York State, statutory Short Term Disability income is a required benefit which provides coverage for disability outside of work from the seventh day of disability to 180 days. Long-Term Disability, in New York, is generally written with a 180 day waiting period. The benefit provided generally provides 60% of loss of income parentheses received tax-free-up to a maximum of $5,000 per month. Optional benefits include "own occupation rider" and occupational rehabilitation expense payments.
There is limited underwriting (company review) involved in group disability plans and, as such, this is a extremely important factor in why group disability can be an excellent choice for employers to provide for their employees. Individuals who have some medical conditions or chronic medical issues may be able to get group disability insurance whereas if they went into the individual marketplace to purchase a similar product, often they may be declined.
There are a number of carriers offering this important coverage and specialists at Bryant Asset Protection can help find the carrier that is best suited to your industry type.
To find out more about Group Disability Insurance, contact us today!