What is group disability insurance?
When an employer or organization buy a disability insurance policy that applies to and covers all of its members or employees, this is known as group disability insurance.
What does group disability insurance cover in Salt Lake City?
Unlike workers’ compensation which applies if you’re injured at the workplace, disability insurance applies when you’re unable to work due to injury or illness that doesn’t necessarily occur at the workplace.
For example, if you’re an electrician who is injured in a skiing accident and can’t work for a week, your lost wages will be partially supplemented with disability insurance.
In addition to supplementing lost income while recovering from income, disability insurance can also come in handy for several other situations, including:
- Inability to work due to mental illness, including depression
- Time off for surgery and recovery
- Recovering from medical treatment, including chemotherapy
What are the benefits of group disability insurance?
Unlike an individual disability insurance policy, a group plan assesses the risk of the group as a whole, rather than just one person. That means the risk is often considered much lower and you’ll receive a better price for a group plan.
It also means you’re guaranteed coverage, unlike individual plans which often require medical testing or questionnaires to qualify.Employees can then get disability coverage through a group plan for no or little cost compared to an individual policy.
In some cases, group disability insurance may not be as comprehensive as an individual policy, but it still provides a base level of coverage that you won’t want to be caught without.
The friendly professionals at Salt Lake City Insurance will help you find a plan that protects your employees and fits your budget.