Life and Disability Insurance

Designing Employee Benefit Packages should not stop at simply offering Health insurance and Retirement.  A good Employee Benefits Package should be designed to beat your competition’s employee benefits which enables you to attract top talent.

When designing the Employee Benefit Package, Employers should look to “Ancillary Insurance” products, such as short term disability, which will strengthen the package offered to potential employees.

Life Insurance

Group life insurance policies are becoming one of the base line items in a good employee benefits package.  Group life policies can be as simple as a $10,000 life insurance policy upward to a multiplier of the employee’s salary.  Payroll Services provides access to group life insurance policies through a variety of carriers.  Cost for a group life policy can be as little as a $1 a month per employee. Click here to get a quote.

“Group Life Insurance can cost as little as $2 per employee per month.  This is an easy benefit that all Employers should provide.”

Short Term Disability should be used for all types of employees but especially the tradesShort Term Disability

Short Term Disability is the second most popular type of ancillary insurance product offered by Employers.  This type of policy pays the Employee a percentage of the employee’s salary in the case of injury off the job.  This type of policy is normally offered, but not limited to, by the “blue collared” trades.  Short Term disability is also popular among teachers.   One of the biggest benefits of Short Term Disability is maternity coverage.  If an employe were to go out on maternity leave, the short term disability policy would kick in.   Many States, such as New York, require Employers to have a group short term policy in place for their employees.  Short term disability is quoted based on the risk of your industry as well as how much compensation each employee earns.  In some States, carriers also offer “Family Leave” riders.  These riders pay employees for a duration in the case of certain family events, such as caring for a sick relative.  Short Term Disability typically lasts between 9 and 52 weeks.  Let us help you create a package.

“Short Term Disability is essentially in industries where ‘paycheck to paycheck’ is prevalent or manual labor is required.”

“Long Term Disability can be extremely costly for most companies.”

Long Term Disability

Long Term Disability is similar to Short Term Disability but last until the employee can go back to work.  Long Term Disability is a benefit which is not typically paid by the Employer due to the cost.  The most common industries that offer long term disability are white collared as the cost for white collared industries is much cheaper than blue collared.  See if you qualify for long term disability.

“Offering extra benefits can be easily managed if you look at smaller policies such as accident coverage.”

Critical Care, Cancer Care, Accident InsuranceAccident insurance is another great option along with short term disability

There are many other types of insurance policies available to Employers which help strengthen your Employee Benefits Package.   These policies are “bonus” items when designing Employee Benefit Packages.  Employers can put in place Critical Care, which provides benefits in the case of catastrophic events such as a heart attack, Cancer Care, which provides benefits if someone is diagnosed with cancer and Accident insurance, which provides benefits when someone has a minor accident such as a broken bone or stitches. Contact us today to get started.

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