Disability Insurance
Disability insurance provides employees with an income should they become sick or injured - and unable to work because of that. This form of insurance helps protect against financial catastrophe by providing employees with an income that will meet daily expenses. Employer-paid (group sponsored) and government sponsored programs are generally cost-free to the recipient, although covering only certain categories of workers.
- Short-Term Disability coverage provides benefits for a specified period of time, usually 13, 26 or 52 weeks - up to a maximum of 5 years.
- Long-Term Disability coverage provides benefits that typically start after a 90-day waiting period and may continue until the employee reaches age 65.
In addition to group-sponsored plans, disability insurance can also take the form of private policies (paid for by individuals, also called voluntary plans ) that protect income when there is no applicable employer or government program, or when those programs do not adequately meet income needs.
Most people think about insuring their valuables in terms of insuring their car or their home - but an employee's most valuable asset is actually their ability to earn a living. Insuring an employee's livelihood is more important than insuring their possessions, and that's exactly what disability income insurance does - provide the employee with an income if they're too sick or injured to work.
Clark & Lavey are experienced professionals in the disability insurance field. Contact us today to work with one of our professionals on the plan most suited to you.
Overview
