Group Disability

The Need

Group disability works the same as individual disability plans. It protects an employee from loss of income should he or she become unable to work for a period of time. Most plans permit optional participation in group plans and require a group of 10 eligible people with usually a minimum of two people participating. However, exact numbers vary from carrier to carrier.

 

How it Works

Most disability insurance have a waiting period anywhere from 7 to 60 days. During the waiting period you do not get paid while you are disabled.

There are primarily two categories of disability insurance :

  • Short Term Disability Insurance – As the name suggests, these policies typically pay benefits for short term disabilities, which usually translates into paying benefits anywhere from a few months to a few years.
  • Long Term Disability Insurance – These policies typically pay benefits from anywhere from a few years to life. The plans typically cost more than short term disability plans.

 

Next Steps

If you are interested in speaking with one of our agents, feel free to Contact Us.

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