Group Disability Insurance
What is Group Disability Insurance?
Group disability insurance is a special policy that covers multiple individuals rather than just one person. This is typically utilized by organizations or associations with a large number of employees. The cost of group disability insurance is relatively lower than individual coverage, making it the perfect choice for large businesses. Disability insurance is a necessity for companies, especially ones where injury on the job is a daily reality. It’s important that your employees remain protected and if harm were to befall them, they would be covered financially. From medical costs to worker’s compensation, group disability insurance covers a wide range of expenses incurred as a result of injury. If you’re interested in Group Disability Insurance, then speak with a Sure Trust broker today. We can connect you with a multitude of policies; finding one that fits well within your organization’s budget.
Some Frequently Asked Questions:
What must I do in order to be eligible for group disability insurance?
In order to be eligible for group disability insurance, you must first apart of the group receiving the coverage. This would make you the main policyholder, placing you in charge of all responsibilities. Another thing is that a majority of the employees under the group must be eligible for the disability insurance. Eligibility is based on various factors like length of employment and position.
Can I keep my coverage after I leave my job?
Unfortunately no. One of the downsides of the group disability insurance is that you cannot take it with you if you decide to leave your place of employment, unlike individual coverage. Remember that you are a part of a group and once you leave, you walk away from that coverage as well. Fear not as our brokers will work to find you a suitable replacement if the situation ever arises.
Which is better: individual or group insurance?
In the event that you’re looking to move from your insurance carrier to a new one, we can assist in the transition process. Changing insurance carrier requires a lot of paperwork, filing, and organization. Our brokers will help you get all of the necessary paperwork in order in addition to speaking with all parties to establish a clear line of communication.
How can I learn more about group insurance policies?
It really depend on your unique situation. Group disability has been proven to be more cost-efficient and less restrictive due to having multiple individuals under its policy. On the other hand, individual coverage provides you with more freedom and allows you to retain you policy if after you’ve left your job. However, there are far more restrictions like having a take physical exam and handle all of their own paperwork. Speak with one of our brokers today to determine which option is the best for you.