Attracting & Retaining Key Employees: Disability Income Insurance
Part of attracting and retaining key employees for your company is being able to offer them benefits that not only help protect themselves, but their family and their income. Offering key employees supplemental disability income insurance is one way to provide higher levels of protection for your employees without incurring any additional costs.
What is Key Employee Disability Income Insurance?
Supplemental disability income insurance replaces a portion of an employee's income should he or she become too sick or hurt to work.
How is it used?
Coverage is used to supplement the current long term disability coverage your company may be currently providing to employees. Typically, most group long term disability benefits only pay about one-half of an employee's net monthly income.
What are the benefits?
At little or no cost to you, supplemental individual disability income insurance can provide employees with protection at discounted premiums. If coverage also is available under a group LTD plan,1 for employees who quality for benefits under both, a higher percentage of their income would be replaced.
What are the different types of disability income insurance that can help in attracting and retaining key employees?
Executive Carve-Out Offered to key executives as an employer-sponsored benefit.
Guaranteed Standard Issue Offered to key employees on a voluntary basis or as a company-paid benefit.
Individual, Fully Underwritten Supplements employer-provided disability income group benefits.
Disability Income Insurance: Executive Carve-Out
You can help retain your key people and attract new talent by making disability income insurance available to your executives. Disability income insurance can be an important part of an executive benefit plan, helping to ensure the income of your key executives is protected. Delivering enhanced benefits to the executives and senior professionals in your company could help to keep you competitive in the market.
An executive benefit plan can be developed to satisfy the disability income insurance protection needs of your top executives. Typically, most group long term disability policy benefits may only pay a fraction of a high-income earning executive's net monthly income. You can obtain a policy to supplement the long term disability group coverage your company may be currently providing. And your executives will have the flexibility to purchase a policy to fit their needs and more closely align with their overall income.
Supplemental disability income insurance issued on a guaranteed standard issue basis provides your top executives important disability income insurance coverage without medical underwriting. It can be offered to your executives on a voluntary basis or as a company-paid benefit.
This executive benefit can be implemented with little or no cost to employers. As a voluntary benefit, it provides executives with non-cancelable, portable coverage at a reduced premium.
Worksite Disability Income Insurance
We offer supplemental individual disability income insurance to key employees that may be offered through their employer. Within the parameters of the guaranteed standard issue offer there is no medical underwriting. This coverage helps protect a higher amount of income than group long term disability plans.
Why Key Person Supplemental Disability Income Insurance?
The ability to earn an income is perhaps your most valuable asset, since your income supports most financial plans. Many people insure their home, car and their ability to save for retirement, but may not be adequately insuring their ability to earn an income for their family.
Supplemental disability income insurance coverage helps bridge the gap between current earnings of the employee and benefits available through a group long term disability income insurance plan. Sometimes you may receive just half a paycheck (after taxes) if you were too sick or injured to work. Is that enough for your family?
Advantages to Key Employees
- Provides a larger monthly benefit, when eligible for disability income benefits
- No medical underwriting
- Offered to the key person at a discount and fully portable
- Covers bonus and incentive compensation of the employee
Advantages to Employers
- Enriched key employee offerings at no cost to employers
- Easy to implement
Disability Income Insurance: Individual, Fully Underwritten
In today’s world, many people find it very difficult to take the time to completly research - and fully understand – the need for disability income insurance. Making an individual disability income insurance policy available to your key employees can help them get access to financial products and information they may have difficulty finding somewhere else.
Individual, a fully underwritten disability income insurance policy can be offered to your employees to supplement the long term disability income group insurance coverage your company may be currently already providing. Typically, a group long term disability income insurance benefit only pays about half an employee's net monthly income. Employees can purchase an individually owned, supplemental DI policy to fit their needs and more closely align with their overall income.
Supplemental individual disability income insurance can provide employees with higher levels of employee income protection at discounted premiums. Coverage is non-cancellable and fully portable.
If you prefer to speak to someone about attracting and retaining key employees for your business call 866-866-2960
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