Group Disability
Do you have a disaster plan for
your business? Included in that should be
disability insurance for your key employees. If
they experience a sickness or injury and can’t
work, you’ll want to keep their pay coming in
while they recuperate, and have extra funds to
replace them temporarily. Group disability can
do that for you, for a short time or long term.
According to the Social Security
Administration, 3 out of 10 workers entering the
work force today will become disabled before
retiring.
At age 30, a long-term disability is four
times more likely than death.
Close to 90 percent of disabling accidents
and illnesses are not work related.
Group Disability might be right for you if:
- A few weeks if missed work would make it
hard to keep up with bills like mortgage or
rent, car payments, utilities
and credit
card payments.
- You have other policies, but all
expenses would not be covered.
- You get hurt while not at work. Workers
Compensation may cover you on the job, but
according to the National Safety Council
about 36 percent of disabling injuries
suffered by workers occur off the job.
Here’s how to get started:
- make sure your employer provides group
payroll Deduction Plans including Group
Disability
- You choose to participate in the plan
- Your premiums are conveniently deducted
from your paycheck
- You own the policy
Coverage is available to employees 18 through
age 69. premiums are based on your age and the
amount of coverage. Usually the amount of
coverage can not exceed 60% of your gross pay.
No medical exam is required. You can apply
for coverage by completing a simple application.
Your coverage can become effective on the date
you sign the application, provided you meet the
company underwriting rules.
Guaranteed renewable – Your
policy is secure because the carrier cannot
cancel it as long as the premiums are paid. It
is also guaranteed renewable through age 69 with
the same benefits as long as premiums are paid.
Premiums may be increased, but only if they
increased for an entire class of policyholders.
Plus your coverage is not reduced by Social
Security benefits.
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