Group Disability Insurance

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A group disability insurance policy covers a group of individuals who are affiliated in some way, either through an employer, trade association, or other organization. Group disability covers the loss of compensation due to accident or sickness and is generally less expensive than individual disability coverage, however, benefits are limited to a stated length of time and the maximum monthly income benefit is usually no more than 50 to 60 percent of earnings. Disability Calculator

Some employers drudge over offering Group Disability Insurance. However there are many advantages of having such a program in place. Everyone need disability protection, your employees are no different.

Group Disability Insurance offers you and your employees a paycheck after an accident or sickness. The waiting period involving this product, usually can be as short as one day for accident, and eight days for sickness. The cost of group disability insurance is usually cheaper than buying it on an individual basis. Yet this usually depends on the size of the group. The more employees you have, the more premium your group disability insurance company can collect, and therefore less chance of adverse selection.

People often put off buying an individual disability policy. Either they believe they cannot get injured or sick, or they believe they cannot afford it. Some think they automatically qualify for disability benefits under Social Security. This is not the case. Many times, individuals never qualify for any Social Security for disabilities.

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