Disability Protection Partners will help you navigate which disability insurance program may be best for your company’s unique situation. In addition to group long term disability there are also individual disability insurance options available.
Multi-Life Discounted Individual Disability Insurance Policies
These programs are great for employers that are not interested in offering group LTD coverage to all of their employees but still want to offer a discounted program on an individual basis. Almost all individual disability insurance companies offer some kind of discounted multi-life policies and many times these discounts can be over 40% with as few as 3 employees applying. The programs can be employer sponsored (paid) or completely voluntary (no cost or obligation to the employer). Fully underwritten, simplified issue and guaranteed standard issue (limited underwriting) programs are available.
Group Long Term Disability (LTD)
Offered through employers these programs provide monthly income replacement for employees that are unable to work for extended periods of time after an accident or illness. Typically LTD covers 60% of your employees annual base salary.
Benefit Equivalency
The success of your organization goes hand-in-hand with your employees. And benefits matter a great deal to them, as you look to attract and keep valuable employees the quality and breadth of your benefits offerings is one of the keys to your organizations success.
If you already provide Long Term Disability (LTD) insurance, the Individual Disability Insurance can protect even more income in the event of a disability. That’s because LTD typically only replaces up to 60% of base salary, potentially reducing take home pay to 45% of base salary after taxes. And because LTD has a monthly benefit cap your higher income earners may have significantly less income replacement. Many times these programs are available with limited or no underwriting.