Disability insurance policy is a kind of insurance policy provided to workers in the event that they cannot work. Disability insurance policy shouldn’t be taken for workers’ compensation insurance. Employees’ Disability insurance policy provides partial wage payment for illness or disability protracted away from work. On the other hand, Workers’ compensation insurance is paid for only on work injury or illness.

Why Insure your Workers with Disability Insurance

According to America’s Disability Counter, every seven seconds, a working-age American suffers a disabling injury or illness that will last for at least one month. Also, half of American adults are unable to pay an unexpected $400 without taking a loan or selling a property. These realities convince job seekers to take up appointments in companies with a Disability Insurance policy.

Furthermore, employing the best hands available is profitable and adds to the overall growth of your organization. Also, getting a disability insurance plan helps retain experts in your company.

In addition, the cost of implementing disability insurance is relatively small. A fortune is certain to be saved when an employee is cared for under a disability plan compared to the company doling out monthly wages for the same.

The Different Disability Policies

We sell both Short Term and Long-term disability policies. These policies are set appropriately to suit your financial status and workers.

Short-Term Disability Policy:

This insurance policy pays workers a percentage of their wages within a short duration. Although it varies according to the policy you take, it usually covers between 9 and 56 weeks of disability. It kicks in after a waiting period typically set between 7 and 14 days.

Components of Short-Term Disability Policy

The basic components of a short-term disability policy are:

• The percentage of salary you pay out

• Duration of benefits

• The maximum amount of time under the plan

• The most common reasons for short-term disability policies are pregnancy, digestive disorders, and injuries such as fractures and sprains.

• These reasons are everyday happenings. It is therefore of utmost importance to get a short-term disability insurance and put the mind of your workers at rest!

Long- Term Disability Policy:
The long-term disability policy offers a more longer coverage than a short-term policy. The long-term disability insurance policy kickstarts when the short-term disability insurance policy ends. The long-term disability policy offers you the chance to foot your employees’ wages for as long as the policy states or till the age of 65!

Key components of Long-Term Disability Policy

• Disability: The term disability differs according to companies. You can set your company’s policy as regards the meaning of the word. For example, some companies’ policy pay out only if an employee can’t function in a current career while others pay only when an employee is unable to work at all.

• Duration of Benefit: This could be for 2, 5, 10 years or till retirement.

• Percentage of earning to be paid out

• Cost of living- increase in benefits

Contact our agents to discuss more on the best plans and policies that best suits you!