Group Short-Term Disability Insurance

We all expect to miss the occasional day or two of work because of illness or injury. But sometimes health issues can lead to extended leaves of absence and even lost income. That’s why short-term disability insurance is more than just a good idea—it’s a necessity.
  • Offered on both employer-funded and employee-paid platforms
  • Flexible plan designs to meet a variety of needs—choice of elimination and benefit duration periods
  • Waives disability premiums during any covered disability
  • Return-to-work incentives to assist employees transition to the workplace
  • Advice to Pay (ATP) services available—flexibility to meet a variety of payroll needs

Group Long-Term Disability Insurance

If an employee is unable to work due to illness or injury for an extended period of time, the resulting loss of income can create considerable financial challenges for his or her family. Long-term disability insurance helps employees protect that asset should a disability prevent them from working.
  • Offered on both employer-funded and employee-paid platforms
  • Flexible plan designs to meet a variety of employer and employee needs
  • Seamless waiver of life premium claim workflow (disability and life clients)
  • Employee Assistance Program (EAP) with Work/Life resource and referral services (options vary by group)

Group Multi-Life Individual Disability Insurance

When combined with a group long term disability plan, an IDI policy provides the highly compensated employee with the opportunity to insure income beyond the group plan maximum. At the employer’s discretion IDI also covers other sources of compensation such as bonuses, and has the added advantage that when an employee pays premiums with after-tax dollars, the benefits received are tax-free. These programs can often be implemented for as few as five employees and the premium can be paid as a bonus to the employee. Implementing an IDI program is relatively uncomplicated; it may be issued with limited underwriting, may require no medical exams, and there is an easy application process. An added benefit is that the policies issued under the IDI program and any premium discounts, are portable and coverage can often be customized with options such as a cost of living adjustment and/or a catastrophic disability benefit.
 
Executive benefits that satisfy the income protection needs of highly compensated employees have advantages for employers also. When employees are confident that they and their families are properly protected from financial risk they enjoy peace of mind and are likely to be more focused and more productive at work which benefits the company.
 
Furthermore, executive carve-outs deliver higher employee satisfaction at low cost in comparison to many other benefits and HR resources are minimal, helping CFOs better align their benefit objectives. Over time, income protection coverages could become an even more important part of the total executive compensation package. Government legislation, such as the Dodd-Frank Wall Street Reform and Consumer Protection Act, may increase regulation and oversight of some components of executive compensation packages.
 
Employers may find that executive benefits can provide a more publicly palatable vehicle for delivering discretionary or hiring bonuses to key employees. Yet for all these advantages, nearly half of U.S. companies do not provide ANY executive benefits as a carve-out to highly compensated employees only—from 24% for companies with 1,000 or more employees to 62% of companies with fewer than 1,000 employees.