What Is Group Disability Insurance?

​Sustaining a physical injury or having a severe illness as an employee qualifies you for group disability insurance. It is a type of insurance that pays you a monthly sum because of your current disability. The said sum is calculated based on the policy chosen by your employer.

How Does It Work?
Before you are eligible to file a claim for your company's group disability insurance and get paid, you must meet your employer's standard of disability. Anything that makes you incapable of working and keeps you from performing your duties as a worker is termed a disability.

Stating interest in your company's group disability insurance policy can be done either at the initial contract signing or after attaining some employee qualifications. Depending on how long the policy runs, the monthly payment you receive is to make up for the lost salary you cannot work for. It enables the employer to cover some expenses despite not working.

Long & Short Term Group Disability Insurance
Group disability insurance policies can either be long or short-term, and each has its benefits. Long-term group disability policies tend to have a longer elimination period which usually lasts for 90 days. An elimination period in group disability insurance spans from when you file a claim to when you start getting benefits. The rates are lower in a long-term group disability policy and have years-long coverage.

In the case of short-term group disability insurance policies, the elimination period here is shorter, ranging between 0 to 30 days. The rates are higher and have coverage that lasts 3 to 6 months. Here, the benefits are likely to be paid weekly, constituting up to 60% of your salary.

Benefits of Group Disability Insurance
A sick or badly injured employee in recovery who mainly provides for his family never has to worry about not bringing in any monthly income under a group disability insurance. This insurance policy offers coverage for Own-occupation and Any-occupation. 

Signing under your Own-occupation means you still can receive these monthly benefits even though you can work other jobs other than your recent one. Any occupation coverage pays only when an employer is unfit to work at any job. Policies often kick off with Own-occupation coverage and later Any-occupation coverage.

CONCLUSION
Accidents of all kinds can cause you to be disabled for a while. Such an unfortunate incident can keep you from working for a while, which means no monthly income, but it does not have to remain so. Get yourself signed up for your company's group disability insurance and enjoy some of its benefits today!

At Insurance Marketplace Inc, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (541) 779-0177. You can also request a free quote by CLICKING HERE. Any coverage discussed is not guaranteed. Please contact us today to go over your policy to ensure your needs are met! We are here and happy to help.