Group Disability Insurance

Group Disability Insurance Plans

Group disability insurance is a type of insurance that can be offered through your employer, and can protect you from the financial impact of losing your paycheck in the event that you are unable to work due to a sickness or injury.

Group disability insurance helps to cover your essential living expenses like food, clothing and utilities and additionally help pay bills like your mortgage, tuition and car payments. By replacing a portion of your income, disability insurance can help protect your financial security until you get back on your feet and return to work. Disability insurance pays cash benefits that typically range from 50% up to 70% of your income..


Employer Sponsored Group Disability Insurance

Employer-sponsored group disability insurance coverage is an important benefit for every employee. For most workers, the ability to earn a living is their most significant financial asset, and a lengthy period of disability can be devastating. Employers can help protect against that risk by providing group disability insurance.

Group disability plans tend to have benefit periods up to age 65, and typically provide the totally disabled employee with up to 70 percent of pre-disability income to a specified maximum such as $10,000/month. Coverage is available for both short- and long-term disabilities and often without medical evidence of insurability. Group disability insurance helps attract and retain quality employees and is tax deductible to the business. If you pay the premium the benefits are normally received free from income tax, if the premiums are paid by your employer, the benefits are taxable as ordinary income.

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