Offering long-term disability insurance at your company can enhance your people practices and signal care to your employees.
Suppose an employee is unable to work for an extended period of time. In that case, long-term disability insurance provides them with a portion of their salary so they can still meet their financial obligations. This can help them avoid financial hardship and stress during a difficult time. It can also help them maintain their quality of life and focus on recovery. Offering long-term disability insurance at your company can enhance your people practices and signal care to your employees.
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Frequently Asked Questions
Long-term disability insurance is built to provide income replacement if an employee cannot work due to a disabling injury or illness. To qualify for long-term disability benefits, employees must be unable to perform the duties of their occupation. This means that even if your employees can work in another field, they will still be eligible for benefits.
The average long-term disability insurance policy pays out benefits for three to five years. How-ever, some policies will pay out for more extended periods, and some will provide lifetime coverage. The length of time that benefits are paid out will depend on the specific policy and the reason for the disability. The key feature of long-term disability insurance is that it pays bene-fits for an extended time, sometimes until you reach retirement age. By contrast, short-term disability insurance only pays benefits for a few months.
Deciding whether to get long-term or short-term disability insurance is a complicated decision. The main advantage of long-term disability insurance is that it will give your employees peace of mind knowing that they will have some financial protection if they are ever unable to work due to an illness or injury. The main disadvantage of long-term disability insurance is that it can be costly, and it may not cover all of your employees' expenses if they are out of work for an extended period. Short-term disability insurance, on the other hand, will only cover employees for a short period of time, typically three months or less. The main advantage of short-term disability insurance is that it is usually less expensive than long-term disability insurance. The main disadvantage of short-term disability insurance is that it will not provide your employees with coverage if they cannot work for an extended period of time. Ultimately, the decision of whether to get long-term or short-term disability insurance depends on your specific circumstances.
Long-term disability insurance is an integral part of any comprehensive benefits package. This benefit helps attract and retain top talent, and it shows that you care about your employees' well-being. So if you're not already offering this benefit, it's something to consider adding.
Most people don't like to think about what would happen if they were suddenly unable to work due to an illness or injury. But the truth is, it could happen to anyone at any time. That's why long-term disability insurance is such a substantial benefit to offer your employees. At Employee Retention Benefits (ERB), we offer best-in-class long-term disability insurance for companies in the Los Angeles County area, including Pasadena, Los Angeles, Riverside, Long Beach, San Bernardino, CA, and beyond. We look forward to elevating your benefits package with long-term disability insurance.