Group Disability Insurance in NJ

Are Your Employees Sufficiently Protected Against Injury?


US Workers Without Sufficient
Disability Insurance

Disability coverage is designed to ensure that individuals have enough income to support their families if they become physically challenged and are unable to work.  Disability insurance also helps supplement an individual’s salary if they are unable to work at their previous capacity for any reason.

Social Security requires a minimum amount of disability insurance for all employees, but many employers and employees find that it isn’t enough.

Group Disability Insurance in NJ

Statistics show that disability claims are likely to effect your business and your employees if they haven’t already.

  • More than one in four employees can expect to be out of work for at least a year because of a disabling condition before they reach retirement age.
  • On average, every year 5.6% of workers will experience a short-term disability due to illness, injury, or pregnancy.

More and more employers today are offering insurance to their workforce as an employee benefit. This is a great way to increase employee satisfaction and retention levels by showing that you care about your employees and by giving them peace of mind that they would be protected if they found themselves in a position where they were no longer able to work. Disability coverage is designed to ensure that individuals have enough income to support their families if they become physically challenged and are unable to work.

5.6% per Year

Employees with Disability Claims

Short-Term and Long-Term Disability Insurance

When choosing between the different disability insurance policies that are available today, one thing you will need to consider is whether to acquire a short-term or long-term insurance plan for your workforce. Short-term disability insurance will kick in as soon as someone experiences a partial or full disability because of sickness or an accident, ensuring that employees have an income straight away.

As an employer, when acquiring group insurance, you will be looking for long-term disability insurance. This is a policy that provides disability income once the elimination period has passed if a person suffers a disability and is no longer able to work. The amount of benefit that a person receives will be based on their existing level of income. For long-term disability insurance, the elimination period can range from 60 days to as much as 730 days. The longer the elimination period, the cheaper the insurance premiums are going to be. However, you need to ask yourself whether an employee would be able to survive financially for 730 days if they did not have any disability income coming in. We can help you to determine the best policy for your workforce based on their income level and your business needs.

Common Practice

Rather than being offered as part of an employer group package, individuals tend to take out disability plans to supplement the coverage that is offered by their employer.

Those businesses that offer group disability insurance can be certain that they are providing something of great value to their employees.

Differences between group and individual policies

There are a number of distinct differences between group disability coverage and individual disability coverage. If an individual was to change their job or be made redundant, their plan would not be portable. In addition to this, one of the main benefits associated with group policies is that all eligible employees are covered no matter their existing health. There are typically more exclusions when it comes to individual plans. The amount paid with group disability insurance does differ based on the plan that you select, and this is something that we will help you to understand when you get in touch with us.

Provide Disability Insurance

If you would like to take out a group insurance policy for disability coverage or you have any questions about doing so, get in touch with us for more information. As Central Jersey Insurance Associates is a broker, we are able to provide you with objective advice and a wide range of insurance plans to choose from, ensuring that you end up with the best policy for you.

To learn more about Group Disability Insurance, contact us today.

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