Employee Long Term Disability Group and Individual Benefits

 

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If you are unable to work due to a sickness or injury, Long Term Disability insurance helps replace a portion of your pre-disability salary for an extended period of time. JayMar Insurance Agency is very passionate about educating you about the importance of this coverage to protect you and your employees from a loss of earnings while disabled.

LTD coverage is available on a group or individual basis. There are advantages of each and individual disability purchased in addition to group coverage in effect is often recommended to higher paid employees.

Group LTD

 

    1. Minimum size group is two enrolled employees
    2. Most coverage is available on a guarantee issue (G.I.) basis, with limited G.I. amounts available on groups of less than 10 employees
    3. Benefit percentages ranging from 50% to 66 2/3% are available
    4. Elimination periods of 90 or 180 days are always available with other options available depending on your group’s circumstances and underwriting
    5. Partial disability benefits are standard, incenting employees to return to work on a part time basis when they are able
    6. Benefits are always offset (reduced) by state disability benefits (NYDBL), salary continuation, social security, or any other group benefit
    7. Benefits are not usually reduced by individual disability benefits received
    8. Can be written non-contributory, contributory or for larger groups, voluntary
    9. Benefits can be classed out (different benefits for different classes of employees) for larger groups and can be written for a specific class alone
    10. The amount of the benefit that is taxable is directly related to the percent of premium that is paid for by the employer
    11. Group benefits do not often cover higher paid employees adequately

 

 

Individual Disability Income Coverage

 

 

    1.  Most policies are written either non-cancellable or guaranteed renewable
    2. Benefits are written as flat monthly amounts and are structured so that benefits from all sources do no exceed 70%
    3. Benefits through policies paid for by the employee are non-taxable
    4. Benefits are subject to underwriting
    5. Can be written in conjunction with a group policy and can contain some coverage on a G.I. basis

 

JayMar Insurance Agency will work with you to design a plan that best suits the company needs and the needs of your employees.