Wealth &
Protection Planning

Group Disability Insurance

Your employees are the most valuable resource your business has.  Whether they serve customers, stock shelves, or man production lines, they are critical to the success of your business.  We understand this importance and recognize that an employee's absence due to disability can affect workplace morale, service quality, and productivity.

If one of your employees suffers a non-work-related injury or illness and is unable to work, disability insurance can help cover daily living expenses and provide resources for recovery and the ability to return to work.

Short-Term Group Disability Insurance

Short-term group disability insurance provides weekly benefits for employees who are totally or partially disabled by a covered injury, illness, pregnancy, or mental disorder. Typically short-term disability insurance is cost prohibitive to an individual. Therefore an individual would be better off signing up for the short-term disability insurance through their employer.

Long-Term Group Disability Insurance

Long-term disability insurance (also known as LTD) is defined as insurance with an elimination period of at least 90 days. The benefit period (time when benefits are paid after satisfying the elimination period) is typically 2 years, 5 years, 10 years, to age 65 or lifetime. The longer the benefit period, the higher the premium. Long-term disability insurance is intended to cover more catastrophic types of claims that last a long period of time.

Group disability plans tend to have benefit periods to age 65 and typically provide the totally disabled employee with up to 60 percent of pre-disability income to a specified maximum such as $10,000/month. Coverage is available for both short- and long-term disabilities and often without medical evidence of insurability.  Group disability insurance helps to attract and retain quality employees and can be tax deductible to the business.

Contact a STRIVE Wealth Advisor for more information about group disability insurance. 

STRIVE Wealth & Protection Planning LLC, its employees and wealth advisors cannot provide tax or legal advice. Please consult your attorney or qualified tax advisor regarding your situation.
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