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Group Disability

Disability costs American employers 1.5 billion lost workdays every year.  Statistics show that at age 45 a person is three times more likely to be disabled from an illness or accident than die.
Disability insurance is essentially “paycheck” insurance.  We believe that for most people, insuring their ability to earn a paycheck is one of the most important employee benefits.  Next to Medical insurance, Disability insurance is our second most recommended benefit.
Disability Insurance plans may include:

  • Flexible starting periods
  • Benefits to replace up to 70% of lost income
  • Partial disability benefits
  • Multi-year rate guarantees
  • Vocational rehabilitation assistance
Types of Disability Plans:

Short Term Disability (STD) – provides income protection for your employees in the event they are unable to work due to an illness or injury.  The benefit duration for an STD plan is limited and benefits are paid on a weekly basis, usually less than a year.

Long Term Disability (LTD) – provides extended income protection for disabled employees when they are sick or hurt and cannot work.  Benefits are paid on a monthly basis and can be purchased for a specific number of years or until the insured reaches normal retirement age.

Insurance can also be provided on a voluntary basis where employees pay 100% of the premium which is deducted from their paycheck.  Another alternative is an employer sponsored base plan that allows employees to voluntarily “buy-up” to a better benefit through payroll deduction.  In either case, we will explain tax advantages in offering this option.  
Whether you opt for group-paid, a base plan with a “buy-up” or voluntary Disability benefits, Larry Sherwood & Associates will present the best solution for you and your employees.


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