Disability Insurance Options - Quincy, IL

from Winters Insurance Group

Disability insurance is a type of insurance that will pay some or all of a worker’s salary if that worker becomes disabled and is no longer able to work. The insurance product is designed to replace anywhere from 45 percent to 65 percent of your gross income on a tax-free basis if illness keeps you from earning a living. Every disability insurance product is different and should be carefully assessed by the consumer before purchase.  

Here at Winters Insurance Group, we sell disability insurance as part of a larger group insurance plan for employers. If you’re a company that wants to attract the best talent in Illinois, one of the best ways to do this is by having a strong disability insurance plan for your employees. Your employees can know that if something happens to them, they will be financially secure. 

Types of Disability Insurance

Disability insurance comes in either short-term or long-term varieties. Short-term group disability insurance covers an individual’s disabling illness for up to six months, while long-term disability insurance can cover a portion of a worker’s salary for a lifetime, if necessary. In addition, many disability insurance plans also offer additional protections, such as cost-of-living adjustments, guaranteed renewal, and refunding of some premium payments if the worker does not become disabled within a specific time.

One other common type of disability insurance is known as guaranteed renewable. These are policies that contain provisions for the guarantee that the policies will be renewed by the insurance company for the benefit period for which the policy has been issued. An example of this is that if you have a policy with a benefit period of up to age 65, the plan will be renewed at least to the age of 65 and the insurance company cannot make any changes. 

Eligibility Rules

If you want to be eligible for coverage under a group disability plan, you must first be affiliated with the group offering coverage. You also need to meet the eligibility requirements outlined in the group insurance policy. Although a group disability plan cannot bar any individuals from coverage, prospective members often have to be employed for a certain length of time before becoming eligible. Companies will typically have enrollment periods for their employees, and during this time, employees who have not yet enrolled in the plan can enroll. 

Advantages of Group Disability Coverage

If you’re the owner of a company, you may be wondering why it’s beneficial to offer group disability coverage. Besides giving your company a hiring advantage, group disability coverage also has fewer underwriting restrictions than individual disability policies. This is thanks to the fact that a large group of people will mostly include people who are good risks. There’s also a price advantage; group disability insurance has much lower premiums than individual disability insurance. 

Choose Winters Insurance Group

If you’re shopping for a competitive group insurance plan for your employees, Winters Insurance Group offers a wide variety of employee benefits. We have both long-term and short-term disability insurance, and we invite you to contact our insurance agents in order to learn more about the types of plans that we offer. 

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