Short term disability
Short term disability is a valuable benefit that offers employees financial protection and peace of mind during temporary periods of illness or injury. This could be due to a woman needing maternity leave or an employee recovering from a surgery or accident.
This coverage will provide a portion of an employee’s salary for a limited duration, typically ranging from a few weeks to a few months. Costs associated with these plans will be driven by benefit amounts/duration as well as any elimination (waiting) periods, to name a few. Short term disability benefits can help employees manage their everyday expenses and financial responsibilities while they’re unable to work. By offering this type of coverage, employers demonstrate a next level commitment to the well-being of their workforce.
Long-term disability insurance is an essential protection that offers employees financial security in extended periods of incapacity due to illness or injury. This coverage ensures employees will receive a percentage of their salary if they are unable to work for an extended duration, typically this will begin after a short-term disability benefit has lapsed. Long-term disability benefits offer relief by assisting employees in meeting ongoing financial obligations. This would include mortgage payments, utility bills and other daily living expenses. Employees who are offered long term disability know that their employers are committed to supporting them during potentially difficult and uncertain times.
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Long-term Coverage
When short-term coverage runs out, long-term insurance will provide much-needed assistance to your employees and their families.
Provide your employees long-term coverage when other options have run out. This benefit won’t entirely replace your employee’s income, but it will help significantly to pay rent, groceries, and more when employees find themselves unable to work or only work part-time due to a crippling, permanent disability.
Including this benefit sends a message to your employees that you care greatly for them, which in turn can help foster a company culture that is more positive and productive. If you choose to include this coverage in your benefits package, we’ll help you find the right option that matches how long you want the waiting period to be, what percentage of wages will be covered, and how long these benefits will last.
