Group disability coverage provides insurance for either short term or long term disability needs. And this coverage has become more popular as people realize that during a disability, the need exists for income replacement. And one very nice component is that these plans can be offered to the employees with the employer contributing to the costs or they can be offered on a voluntary basis.
Short term disability (STD) programs are available for accidents or illness. A typical plan provides coverage beginning after a few days and will last for a few months. The benefit level will be determined based on salary. Short term disability plans can also be coordinated with the employees vacation days and sick days. Maternity absences are a popular usage of the short term disability plans.
Long term disability (LTD) programs will provide income replacement for a lengthy period of time. Sometimes via a catastrophic disability, the individual will receive coverage through normal retirement age. There are numerous options within long term disability coverage. A few include the level of payment, the length of payment and your occupational training needs.
At Stream Benefits Group, we complete a thorough analysis reviewing numerous insurance carriers. Of few of these include Principal Life, Unum, Guardian, Assurant, Sun Life, Lincoln National and MetLife. There are times with these products that we are able to secure a multi-year rate guarantee for the employer group.
