Guardian Disability Insurance Brokerage

Company Disability Insurance Planning

Our agency can handle the disability insurance planning for the largest corporations, and the smallest companies. Over the internet we are more than capable of accepting disability insurance quote requests from individuals, we request that you call our toll free number 888-513-2300 to begin discussions for corporate disability programs. In order to properly plan a long term disability insurance program for any corporation you need to make some decisions first.

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Who will pay the premiums for the insurance?

• 100% employer paid
• 100% employee paid (voluntary)
• Payroll deduction (shared cost)

What type of disability insurance will be used?

• All individual plans
• Group long term disability
• Combination of both

Who will be covered?

• All employees
• Specific classes of employees
• Just key employees
• Select Individual Employees (Discrimination Allowed)

Who Pays?

There are several things to consider when deciding the answer to this question. If the plan will be 100% employer paid then your corporation will receive the best possible offer from the insurance company. If your corporation is over 10 people, it is very possible that everybody can get coverage on a guaranteed standard issue basis. This is vital to get people coverage who may have health problems which would normally preclude them from the insurance. A voluntary plan obviously transfers the costs of the insurance away from the corporation to the employees, but it may also increase the risk of anti-selection to the insurance company. Therefore each policy will be underwritten, and anybody who is deemed to be an adverse risk may probably not get coverage. A payroll deduction plan can be a nice mix of the two, more people sign up for the coverage, thus decreasing the risk of anti-selection to the insurance company, and increasing the underwriting offer to your company.

What Type of Coverage?

There are basically two types of disability insurance coverage available. Group long-term disability insurance is inexpensive when compared to individual policies, however like anything else in life, you get what you paid for. Individual disability insurance policies typically provide more complete coverage than group long term disability policies. For corporations that have the budget available, you cannot go wrong in buying individual policies for everybody. You would be providing your employees with the best possible coverage in case of an accident or injury. If cost is a large factor in your decision, as it is in most cases, then group LTD may be the route to go. One of the more common scenarios is a blend of the two. The company purchases group LTD for all employees up to a certain level, and supplements this plan with individual coverage for their key employees.

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