A policy that covers many people (a group). The insured group has a common interest or association, such as an employer, a trade, or a school affiliation. All eligible individuals may be covered by the policy, and the cost of the group coverage is often less expensive than the cost of individual coverage. The plan may be contributory (you must sign up for coverage and contribute toward the premium payments) or non contributory (funded by the employer or association, and you are automatically covered if you meet eligibility requirements).
Group Long-Term Disability is a great inexpensive foundation of long-term income protection for employees. Note that the most common plan designs typically do not provide enough benefits for your highly compensated employees.
Individual Disability Income (IDI) plans are written on top of Group Long-Term Disability plans to protect a greater portion of your higher compensated employees’ incomes.
For employees, owners or partners who earn more than a Group Long-Term Disability and IDI plan can adequately protect, a High Limit Disability Plan can provide the remaining protection.
DI Retirement Security allows employees to continue saving for retirement in the event of a disability.