Give Your Clients Greater Peace of Mind with Long Term Disability Benefits
Short- and Long Term Disability
Long Term Disability is private insurance that covers a portion of an employee's salary, usually between 40 and 70%, if they cannot work due to a non-work-related injury or illness for an extended period. Long Term Disability Insurance does not cover work-related injuries, which Worker's Compensation Insurance would cover.
Long Term Disability Insurance is not a replacement for Short Term Disability Insurance. They are designed to work together. Short Term Disability Insurance is designed to provide benefits soon after an injury or illness. In New York State, Short Term Disability can be used as income replacement for up to 26 weeks.
Depending on the purchased policy, Long Term Disability will continue to pay the disabled employee for an extended period. For example, Long Term Disability Insurance policies may continue to provide benefits for 5, 10, or 20 years or until the injured party reaches retirement age.
Benefits We Provide
Insurance carriers offer choices for our clients. For example, we can offer Tiered Short-Term Disability (STD) and Long-Term Disability (LTD) Plans as group benefit disability plans are less expensive than individual disability insurance. In addition, the employer can cover the premium in full or may choose to have the employees contribute, making it a tax-free benefit for EES.
LTD Plans from top insurance carriers offer choices for your customers.
We offer tiered plans from an elite list of carriers offering the best benefits for the money. Here's an example.
Class I (Executives Only) - Covers 60% of salary to a maximum of $15,000 per month up to age 65 if the individual cannot perform their occupation.
Class II (Management Only) - Covers 60% of salary to $5,000 per month up to age 65 if the individual cannot perform their occupation.
Class III (All Other Employees) Covers 60% of salary up to $2,000 per month for up to five years if the individual cannot perform their occupation.
As you can see from the example above, the executives in a company carry up to 90 percent of the premium, so it's in their best interest to secure coverage.
Long Term Disability, as a group benefit, is less expensive than individual disability insurance. The employer can cover the premiums in full, or in some cases, the corporation may choose to make Long Term Disability Insurance a voluntary benefit with the employees paying 100 percent.
Helping Employers of All Sizes Since 1991
Since 1991, we have been helping employers of all sizes find the best value for their benefit dollars. We can provide you with information and creative ways to save on tax dollars for your group of 2-100 employees. In addition, our comparison spreadsheets will allow you to make decisions on what is best for your company and its employees.
No one ever thinks that a disability will happen to them. The truth is that with the youngest generation of employees currently in their 20s, more than 25% of people can expect to be out of work due to a long-term disability at some point during their careers. Providing disability benefits to your employees is a great way to invest in your employees and show them that you do care for their health and wellbeing.