Group Disability Insurance
If your business has 10 or more employees, Group Disability Insurance might be a great benefit to offer your employees.
Group Disability Insurance is a package where an employer pays a premium to cover his employees in the event that a disability occurs. If your business is in construction, mining, transportation, manufacturing, etc. this might be a great option for you.
Group Disability typically covers up to 60% of the employees pre-disability income up to a certain monthly amount ($10,000 seems to be a typical amount).
Group plans are typically cheaper than individual plans, and each plan can be tailored to fit each businesses budget and situation.
Group Disability plans can be paid for by either the employer, the employee, or a combination of both.
While there are a lot of advantages to group disability, there are also some cons. If the employee leaves the company, he is no longer insured through the group disability plan. This benefit is also taxable to the employees if the business pays for it, and their are usually benefit caps on what the disabled employee would be able to receive.
If you are curious about whether Group Disability is right for your business, give us a call or schedule an appointment. We have some resources for you to check out below, if you like doing your homework first.
Group Disability Resources:
https://lakeviewfinancial.net/