Disability insurance is a preventative policy designed to protect your home, your savings and your way of life. While Life insurance is an important benefit, statistically families are more likely to suffer financial devastation due to an injury or illness. Our agents located in Broomfield, Co can help you find the policy to balance between your personal needs and your budget.
Own Occupation Disability
Income Replacement Disability
This policy pays monthly benefits if you suffer a loss of income due to an illness or injury.
Own occupation policies are the only plan that does not penalize you if you go back to work in a different occupation. In other words, if you are unable to do the profession when you purchased the policy, but can work in another capacity, you will continue to receive benefits.
Group Short Term Disability
Income replacement policies also pay monthly benefits for a specific profession.
However, with this plan, you may be penalized if you decide to go back to work. If you are unable to return to your prior occupation but go back to work in a different capacity, your monthly benefit may be offset from the income or stop altogether.
Group Long Term Disability
Employer sponsored short-term disability programs are for non work related disabilities. They provide partial income protection.
Groups may be established by job classification. Eligibility may require an employee to work for a specific amount of time or work at least 30 hours per week. Group Short-term disability plans usually have an elimination period, in which they must wait before the benefit begins. Benefit pay-out generally pay to a maximum of 26 weeks for a continuous disability at 2/3 of the employees income.
Long Term Disability insurance provides participating employees with income protection against disabilities occurring from a covered physical illness, injury, pregnancy or mental disorder.
Employers can usually customize their group long term disability benefit coverage programs. Generally long term disability begins when sick time and short term disability are exhausted. Often cover around 2/3 of the employees pay and can last anywhere from up to 5 years or a lifetime.
Group Disability Insurance
Our brokers can help employers determine which policies are right for your business.
Employers can offer short term and long term disability benefits to help replace a portion of an employee's paycheck with a qualified injury or illness. Group disability plans are generally offered at a lower price than an employee can purchase through an individual policy. Group policies may also be offered without a medical exam, where with individual policies this is generally required.
Employers may choose to contribute to the premium and have the potential for tax benefit. The employer may also offer the plan on a "voluntary" basis and the employee will still have the added benefit of a lower premium but have the entire premium deducted from their paycheck.