Disability insurance is a very popular voluntary employee benefit. Statistics show that most employees do not have the financial resources to miss work for 30 to 90 days, yet one in four 20-year-olds will experience a need for disability relief at some point before they turn 62 years old. Not only does this insurance benefit your employee, but it can help your company retain a valuable employee once they can return to work if the disability is temporary.
There are several things to think about when choosing a disability policy to offer as a voluntary benefit. It’s easy to become confused regarding what types of policies are available for disabilities. Let’s define some terms. These policies are usually used if the qualifications for social security disability insurance (SSDI) are not met.