What are Long Term Disability Insurance Policies?
After sick leave and short term disability coverage have been exhausted, long term disability insurance policies take effect. A typical long term disability insurance policy covers about 60 percent of an employee’s pay. Long term disability coverage can last for anywhere between one year and the rest of the individual’s life.
The availability of long term disability insurance policies for contractors can vary to a great extent. Though there are plenty of top-notch policies that pay great benefits when employees need them, there are a number of long term disability insurance policies that are tainted with hidden loopholes. To ensure the best coverage possible, it’s important that an individual seek out the best possible plan for their own needs and not just choose the least expensive policy.
Though long term disability insurance is usually considered protection from a serious illness or injury, plenty of claims come from common, trivial misfortunes that worsen over time. That being said, a short term liability insurance policy is not enough.
Why Long Term Disability Insurance Policies are Important for Your Business
Long term disability insurance policies are the means by which you can help your employees financially sustain themselves if a disability prevents them from working. Providing long term disability insurance packages for your employees is not mandatory for every contractor, but that doesn’t mean you shouldn’t offer them. It’s been proven that when employers don’t provide long term disability insurance policies for their employees, a higher percentage of employees opt out of voluntary insurance plans. This leaves workers vulnerable to financial devastation in the event that they fall victim to long-term illnesses or injuries.
Another reason to offer long term disability insurance is that it provides a great benefit to the employer. Full benefits packages are important to employees who are deciding to either stay with one employer or move to another. Including long term disability in your company’s benefits package is a great way to make sure employees stay with you.
For more information on long term disability insurance, get in touch with one of our specialists at 800-649-9094.