Long Term Disability

What is needed to quote:

• Name of Group
• Address
• Nature of Business
• Number of Years in Business
• Schedule of Benefits
• Census – gender, date of birth, salary, occupation, class (if applicable)
• Current Rates / Booklets (if applicable)
• Three Years of Claims Experience for groups of 100 or more employees

Schedule of Benefits:

Percentage of Salary to a Maximum Monthly Benefit

• 60% to $5,000 per month
• 67% to $5,000 per month
• Employer can choose alternate Percentages and Benefit Maximums

Variable Elimination Periods

• 90 Days
• 180 Days
• Employer can choose alternate Elimination Periods

Variable Benefit Durations

• Five Years
• Social Security Normal Retirement Age
• Employer can choose an alternate Benefit Duration

Contributions

• Employer Paid – the employer pays 100% of the premium and the benefit is taxable
• Contributory – the employee pays a portion of the premium and a portion of the benefit is non-taxable
• Gross Up – the premium amount is added to the employee’s W-2 and the entire benefit is non-taxable

Optional Features

The employer is able to customize their Long Term Disability plan to fit their employee’s needs

Benefit to providing this coverage to employees

• Allows employees to protect their income in the event of a disability
• Coverage for Partial or Total Disabilities
• Rehabilitation assistance
• Work incentive benefits that assist the employee in returning to work
• Long term coverage for disabilities lasting longer than 2 years
• Assistance filing for Social Security if a disability lasts longer than 6 months