Disability Insurance for Continued Income
Help employees meet their financial commitments if they are unable to work due to a covered illness, injury or pregnancy with Short-Term and Long-Term Disability Insurance.
According to the U.S. Census Bureau, nearly 41 million Americans in the non-institutionalized population currently have a disability and the Council for Disability Awareness estimates that 25% of today’s 20-year olds have a chance of becoming disabled at some point in their career.
Disability is unpredictable and can happen to anyone at any time causing missed work and wreaking financial havoc. An assortment of disability programs is available to financially protect you and your employees in the event of a short-term or long-term disability or illness. Employers may choose to offer employer-paid or employee-paid disability plans.
What is a short-term disability?
Short-term disability is a temporary and non-work related disability, such as a broken leg or a pregnancy, which may prevent you from working for a short period of time. Short-term disability insurance will pay a percentage (typically 40-60%) of your salary during the disability time frame for applicable cases.
What is a long-term disability?
Likewise, long-term disability would be a non-work related injury or illness that prevents you from working long-term (typically more than 90-180 days). Long-term disability insurance will pay out a percentage of your salary (typically 50-70%) during the applicable time frame.
The percentage of salary paid out, the waiting period and the payout period will differ by policy and should be reviewed in detail before enrolling. Employers may elect to offer an employer-paid or an employee-paid (or voluntary) short and long-term disability plans.