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  • Susan Wiener

Long-Term Disability Coverage: A Key Factor in Employee Retention

Updated: Aug 10, 2023

long term disability insurance

In today's competitive job market, retaining high-performing employees is more important than ever. While factors such as salary and work culture play crucial roles in keeping employees satisfied and engaged, employers should not overlook the importance of comprehensive benefits packages. Among these, long-term disability coverage stands out as a key factor that can make a company more attractive to potential employees and boost retention of current ones. To learn more about how we can assist your business in this area, reach out to Susan Wiener Enterprises at 631-385-9602.

Understanding Long-Term Disability Coverage

Long-term disability (LTD) coverage is an insurance policy that provides income replacement to employees who become disabled due to an illness or injury and cannot work for an extended period. Depending on the specifics of the policy, LTD coverage can replace 50-70% of an employee's salary and provide financial security during a difficult time.

LTD Coverage as an Employee Attraction and Retention Tool

In a job market where talented individuals have multiple employment options, companies must distinguish themselves with attractive employee benefits. Long-term disability coverage can be a decisive factor for many job seekers who value financial stability and job security.

Understanding State-Mandated Disability Insurance

In some states, disability benefits are not just a voluntary addition to your benefits package; they're required by law. For example, New York and New Jersey both mandate disability benefits, ensuring a minimum level of protection for workers. However, these benefits can be procured in one of two ways: through the State or through Private Insurance Carriers.

When it comes to choosing who should provide your company's disability benefits, there are some key factors to consider. While state-provided plans ensure compliance with legal requirements, they often provide a one-size-fits-all approach that might not fully cater to your employees' needs or your company's specific circumstances.

On the other hand, securing disability benefits through a private carrier, particularly via a broker working with an insurance wholesaler, can offer significant advantages. Here's why:

  • Personalized Service and Expert Care - With private insurance carriers, you have the opportunity to receive personalized service tailored to your company's unique needs. Brokers can guide you in selecting a plan that not only meets state requirements but also aligns with your business objectives and the specific needs of your employees.

  • Enhanced Benefits - Private insurance carriers often offer enhanced benefits compared to state-provided plans. These benefits can include higher payout percentages, additional coverage options, and more flexible terms.

  • Multi-Line Discounts - When you work with a broker dealing with an insurance wholesaler, there are opportunities for multi-line discounts. This means that by purchasing different types of coverage from the same source (e.g., disability, life, health insurance), you can save money, making your overall benefits package more cost-effective.

Navigating LTD Coverage with Susan Wiener Enterprises

Selecting the right LTD coverage for your employees can be complex, but it doesn't have to be a challenge. At Susan Wiener Enterprises, we understand the nuances of various insurance products and can guide you in choosing a policy that balances your company's budget with the needs of your employees. With over two decades of experience in the field, we can customize a benefits package that aligns with your company's goals and contributes to employee satisfaction and retention.

Remember, offering a competitive salary is important, but it's just one aspect of what attracts and retains high-quality employees. By incorporating benefits like LTD coverage, your company signals that it values its employees and is willing to invest in their long-term well-being.

If you're ready to explore the benefits of offering long-term disability coverage in your organization, we're here to help. Contact Susan Wiener Enterprises at 631-385-9602 to speak with our experienced team.

In conclusion, long-term disability coverage is more than just another benefit—it's a powerful tool that can help your company attract and retain top talent in a competitive market. Let Susan Wiener Enterprises guide you through this process, providing peace of mind for your employees and a competitive edge for your business.

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