Building your Practice with Group Disability Insurance
By Bart Spencer. The DI Nut
“Workin’ 9-5 what a way to make a living”…. That’s the way many people are “Takin’ care of business”. Others work shifts that are not 9-5 and still make a living.
What if you can’t work 9-5 or any other shift, because you are sick or hurt and can’t work?
Here is your opportunity to assist your clients with group coverage at the work place. Here are some things for your consideration:
3 of 4 employees consider benefits an important factor in a job offer
4 of 5 HR professionals report that financial stress affects employees’ work performance
46% of Americans cannot afford a $400 emergency (Source: Council for Disability Awareness)
Group disability protection comes in two types:
Short term disability—benefits begin after a short elimination period, usually 7-14 days. The client gets paid for a relatively short time 90-180 days. Non work related sickness or injuries are covered including maternity. Premiums are quite inexpensive.
Long term disability—benefits begin typically after 90 days, dovetailing with short term disability, lasting until the employee’s normal Social Security retirement age. (For most workers age 67).
Group disability can be available for employer groups starting with 2 employees or more. Some carriers will even cover family members.
How do you do it?
Ask your business owner clients if it is important to them to help their employees through a period of financial stress if one of them became sick or hurt and could not work?
Do they realize that group disability coverage is inexpensive and simple to implement? Many of them think it is as expensive as health insurance, but it is not. Depending upon the make up of the group, short term disability payments can fall in the neighborhood of $12-25 per month per employee. Group long term disability premiums can be $15-30 per employee per month.
Obtain a census of employees that includes: employee name, date of birth, income, gender and job title. If existing coverage is in place, obtain details about the current coverage including: plan design and current invoice.
Submit to the Allegis DI team: Rob Christensen: rob.c@allegisag.com or Bart Spencer: bart.spencer@allegisag.com . We will do the work obtaining quotes and helping you compare which would be a the most appropriate for your client. We hold your hand through the entire process.
Please see the PDFs below for details of group disability and its benefits