Voluntary Group Disability Insurance

Voluntary disability solutions offer employers and employees the means to help build a financial safety net by providing valuable income protection if an individual suffers from a disabling illness or injury.

Here are some insites into disability insurance products for your employees:

 

Generation Y
Ages: 18-31		 Generation X
Ages: 32 - 47		 Boomers
Ages: 48 - 66
 Needs:  Needs:  Needs:
  • This age group is starting to have dependent families – 72% very concerned about
    ability to pay bills in the event of sudden income loss
  • Only 49% have some income protected by disability insurance and 53% who own disability insurance have inadequate
    coverage or do not know if it is adequate
  • Risk – almost 1 in 4 20-year-olds will become disabled during their working years
  • 58% are very concerned about the financial security of their family in the event of disability
  • Loss of work through injury and illness is a significant contributor to home foreclosures due to medical expenses
  • 40% say disability insurance is a top five most important benefits, yet 40% say disability insurance is a top five most important benefits
  • 51% of those with disability insurance have inadequate coverage or do not know if it is adequate
  • Aging into high-disability years; 50-year- olds twice as likely to suffer a disability as
    40-year-olds; and the probability doubles again at 60
  • 55% are very concerned about the financial security of their family in the event of disability
  • 55% are very concerned about the financial security of their family in the event of disability, but 61% of them have inadequate coverage or do not know if it
    is adequate
  • May have unreasonable expectations of Social Security Disability Benefit
Suggested Coverages: Suggested Coverages: Suggested Coverages:
  • Convenient payroll deductions
  • Decision tools to help determine coverage needs
  • Competitively proced premiums

 

 
  • Competitively priced premiums
  • Convenient payroll deductions
  • Education on risks and options
  • Competitively priced premiums

Studies have shown that working age adults are much more likely to suffer from a long-term disability than actually death. Most adults at least have some life insurance coverage. So they are covered in case of death. However, unless it is offered at work, most adults have little, if any, disability insurance coverage. Without disability coverage, your employees could be left with no income to pay their bills.

Here are some key insights into the possible disability insurance needs of your employees: 

Short-Term Disability Coverage:

    • Waiting periods from 1 to 15 days
    • Benefit periods to 52 weeks
    • Coordinates with Long-Term Care

Long-Term Disability Coverage:

    • Pays a set percentage of employee's regular income
    • Coordinates to pick up after Short-Term coverage ends
    • Variable plan design can protect your employees and your company