Employee Benefits

Extending Your Employee Benefits To Include Disability Coverage

As a workplace benefit, group disability coverage offers a less expensive option than an individually bought plan. It can be used as either a supplement or primary policy, making it an excellent benefit to add to your employee benefits package.

The Benefits of Group Disability Insurance

With a private disability plan, an individual often has to provide proof of income to apply for the policy, as well as meet certain health standards. When a group policy is in place, employees are able to apply more easily. These policies come with more of a guaranteed issue, which allows employees of all health conditions to be approved for the same coverage.

Pre-existing conditions are generally factors that prevent an individual from being either accepted for a disability policy or the condition is listed as an exclusion of the coverage. However, group policies typically have an allowance the includes prior health conditions for coverage after the policy has been held for more than a year. Many will find that purchasing disability insurance through a group policy is more affordable than private insurance, even if they have to wait a year before their primary health concerns are covered.

Extending benefit coverage to include disabilities is another way to strengthen your company’s attraction to highly skilled job seekers. Depending on your location and the injury of the individual, employees may be eligible to claim both disability benefits and workers’ comp. Talk to an agent about these possibilities and the policies you should carry to address them.