If you have 10 or more employees, a group disability benefit may be a valuable addition to your employee benefits package.
Group disability plans typically provide a totally disabled covered employee with a benefit of up to 60% of their pre-disability income, to a specified maximum, such as $10,000 a month. It can help to cover personal expenses as well as provide business overhead protection.
Advantages of a group plan include:
Drawbacks to group disability plans include:
When offering voluntary disability benefits or buy-up options to your employees, access to information is important. Determining how much disability insurance your employees need and can afford requires them to examine their income, assets, expenses and liabilities, and then to figure how long they could keep everything going if they were unable to work. Theodore & Associates can help you every step of the way! Call or email us today!