Disability, Life and Long-Term Care Benefits
Becoming more of a core benefit offered, employers are identifying with the needs of their employees to have access to some income replacement vehicle. There are two types of disability policies, a short-term disability policy and a long-term policy, both of which provide an income stream while an employee is out of work and unable to earn an income for an extended period of time due to an illness or injury.
As a core employer-sponsored benefit, group life insurance has historically been offered to employees by their employers due to the affordable premiums for the group life insurance policies. In the past several years, voluntary and supplemental life insurance has made great strides in offering employees group premiums in a portable life insurance policy with “guaranteed issue” provisions regardless of a person’s health status.
Becoming more and more prevalent, long-term care is one of the fastest growing compliments to an employer’s group benefit package. The need for long-term care can arise for anyone, from the elderly to the very young. While the majority of those requiring long-term care are older people, numerous cases also arise from severe unexpected illnesses, automobile accidents or mishaps of various kinds. Currently, personal savings and government funding programs may be inadequate to cover the vast majority of long-term care expenses. Personal assets of most individuals are often alarmingly inadequate to cover long-term care. Clearly, many individuals and families could see their assets quickly disappear.