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Group Disability Insurance
The unexpected can’t always be prevented, but with the proper coverage, you’ll at least be prepared. Group disability insurance provides disability benefits that protect earning power should a disability transpire. There are two options: short-term disability and long-term disability. There are differences in short-term disability benefits and long-term disability benefits, although both plans are typically sponsored by employers.
Employees often ask themselves what would happen to them and their families should an unfortunate accident occur and they were unable to work and earn an income. At Synergy Benefits, we say why wait to find out. With our coverage policies, employees don’t have to risk losing essential funds that are used to support their way of life. The different policies available accommodate the varying needs of employees. Those in manual labor positions, for example, may opt for more extensive coverage because of exposure to high risk accidents. Whether short-term or long-term, the policies offered by Synergy Benefits are comprehensive, providing valuable benefits in the most arduous of circumstances.
Disability benefits from short-term disability insurance are designed to cover total or partial disabilities that result from a covered physical disease, a pregnancy, an injury, or a mental disorder over a certain period of time (usually between 13 and 26 weeks). Typically, a percentage of an employee’s salary (generally 66.67%) is paid out to the disabled person on a weekly basis. As a result, the employee can continue to pay for personal expenses or support a family even if he or she is unable to fulfill work obligations. Such financial security is invaluable, especially when dependents come into play, who may also rely on the insured’s income for sustenance.
Long-term disability insurance usually results when one has been continuously disabled for a long period of time and short-term disability benefits have been exhausted. Like short-term coverage, it also consists of a percentage of salary (usually 60%) that is paid to the disabled person on a monthly basis. In such instances, the insured can rest assured that his or her family life will not be wholly disrupted, and the funds will be available to take care of daily expenditures.
Unlike short-term disability benefits, long-term disability benefits can be received up to one’s normal social security retirement age or a specific time period, thereby providing increased disability benefits. Synergy Benefits is able to accommodate both disability insurance categories, whether long-term disability or short-term disability.
For further questions and inquiries, go to the Contact Us page for contact information.
Click the button below to contact an Insurance Specialist at Synergy Benefits to receive a quote on these types of insurance plan options.
