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Income Protection With Disability Insurance

Statistics show that one in eight individuals will become disabled for five years or more during their career. This risk increases dramatically with age. People 50 or older account for 59% of disability claims. This is why many employers incorporate Group Disability as part of their benefits package and the reason so many employees look to their employers for this coverage. Our Employee Benefits team at Haughn & Associates (H&A) can provide employer-sponsored coverage, both Short-Term and Long-Term Disability insurance.

Group Coverage: Short-Term Disability

Short-Term Disability (STD) coverage provides benefits based on a percentage of the employee’s salary during a disability. Short-Term policies pay benefits for a set period of time—typically three months, six months, or one year, after a brief waiting (elimination) period. A Short-Term Disability plan helps cover daily living expenses and provides resources for recovery and return to work.  If an employee is only able to do part of his or her job or work part time, he or she can receive partial benefits.

There are also STD plans that provide some financial protection while an employee is out on maternity leave. Depending on the plan, some provide 50-100% of an employee’s income for about six weeks after she gives birth, eight weeks due to a C-section, and potentially longer if there are complications.

Group Coverage: Long-Term Disability

Long-Term Disability (LTD) insurance picks up where short-term coverage leaves off and replaces a portion of an employee’s income during an extended period due to a disabling illness or accident. This policy typically has an elimination period of at least 90 days. After that, benefits are paid for a longer term – typically two years, five years, 10 years, to age 65, or for life, depending on the policy’s specifics. By providing a steady stream of income to an individual unable to work, Long-Term Disability Insurance can help employees meet their day-to-day financial obligations.

It’s important to note that Group Disability policies often have fewer underwriting restrictions than individual Disability policies. This is because the risk of disability is borne by the group rather than by an individual. Another advantage of Group Disability insurance is that premiums are much lower than premiums for individual Disability insurance policies as it’s more cost effective to underwrite insurance for a group than for individuals.

Our Commitment to You

At Haughn & Associates (H&A), our core values and principles of integrity, honesty, dependability, innovation, and collaboration shape who we are and guide us; they ultimately allow us to provide our clients with high-quality insurance products and an unparalleled level of superior service. Each business, family, and individual is given the personalized attention needed to design the right fit of insurance and risk management protection.