VOLUNTARY PLANS
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Insuring the Health & Life
of Your Most Important Asset - YOU
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LONG TERM DISABILITY
When faced with an employee who’s been disabled, uninsured employers have few options. Do you continue to pay all or part of a salary? Offer unpaid leave? Terminate employment? For an employer and employee, the choices can be devastating. An insured Long Term Disability plan will replace up to 66 2/3% of an employee’s income up to the age of 67 in a situation where catastrophic illness or injury exists. A managed LTD plan allows an employer to outsource the difficult decisions surrounding a disabled employee to disability experts. Along with income protection, most disability plans offer rehabilitation and return-to-work services that are essential to the recovery of disabled employees. The goal of Long Term Disability insurance is to financially protect and proactively return disabled employees to a productive life.
FAQs
How many people really use their LTD plan?
One in five people aged 35 will be disabled for 90 days or more before age 65. You are more likely to become disabled than to die during your working years.
How much will LTD cost the company?
Generally, a fully insured LTD plan will cost a company approximately one half of one percent of the company’s monthly payroll.
Will an LTD plan pay a disabled employee who returns to work on a part-time basis?
Yes, most LTD plans will pay an employee who is limited from performing all of their job functions, and has suffered a 20% or more loss of income as a result.
What are the most common income replacement percentages?
Most companies implement a plan that replaces 60%
Posted in Group Disability
BUSINESS GROUP LIFE INSURANCE
80% of all Americans who have life insurance get there coverage through their employers.
Much of today’s diverse workforce is significantly under-insured despite the crucial role life insurance can play in providing protection for your family. Employers are in an ideal position to help close the gaps in life insurance coverage for their employees. Research shows that employees who feel their employer communicates effectively and often are usually more satisfied with their benefits. Closing the under-insured gap is a worthwhile endeavor for today’s employers. A strategic approach that takes the preferences of a diverse workforce into account can pay off by providing employers with a competitive edge. Employers that identify and address their employees’ purchasing barriers can help solve the problem and reap benefits – goodwill from employees, greater employee retention, a higher level of benefits understanding, appreciation and overall job satisfaction.
Posted in Group Life
BUSINESS GROUP HEALTH INSURANCE
Did you know that your employees may qualify for guaranteed issued group health insurance? If your business has between 2-50 employees this is likely the case. At Peters & Milam Insurance Services, it’s not just about picking a health insurance plan for your business; any broker can recommend a health insurance plan. It’s the service that you receive after the plan is put in place that really matters. We will always be there to help.
Posted in Group Health