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Large
Group Long Term Disability
Large Group Long Term Disability Insurance replaces a percentage of
your employees' predisability earnings up to a maximum benefit on a
monthly basis. It provides benefits up to age 65 with Standard ADEA
Grading and is available to you if you have ten or more employees.
Maximum Benefit
Maximum monthly benefits are provided up to $25,000 depending upon
the number of insured employees and the industry of your business.
Rate Guarantee Period
The premium rate you pay to insure your employees is guaranteed to
remain the same for at least one year. Depending on the industry of
your business and the number of employees insured, your premium rate
may be guaranteed as long as three years.
Partial Disability Benefit
Disability benefits are available through a Large Group Long Term
Disability policy for employees with a partial disability. No total
disability is ever required for benefit.
Beginning Date
The beginning date indicates the length of time an insured must be
disabled before benefits begin to accrue. For a Large Group Long
Term Disability policy, there are five to choose from: 31, 61, 91,
181 and 366 days. The number of days your employees wait before the
beginning date of their benefits accrual includes the days they were
disabled or partially disabled.
Optional Indexed Income Benefit
After 12 months of disability, the monthly benefit is adjusted to
reflect any increase in the Consumer Price Index for Urban Wage
Earners and Clerical Workers compared to the year the disability
began. The adjustment is capped at a maximum of 4% or 8%, compounded
annually. This optional benefit is redetermined every year on the
anniversary of the disability and will continue for the full benefit
duration.
Conversion of Insurance
This important feature allows all eligible employees to extend
disability coverage if for specific reasons their coverage
terminates. Employees must be insured under your plan for at least
one year on the date insurance ends to be eligible.
Our
Claims Management Philosophy
We don't just approve and deny claims. We appoint benefits analysts
who will pick up the phone and call the insured and develop a
working relationship. Our analysts are fully capable of evaluating
and properly adjusting all disability claims.
Our
claims procedures are sound and efficient. We go above and beyond to
track your claim experience and work with you to implement loss
control techniques. We have well established and effective programs
in place to help claimants receive Social Security disability
benefits. And most importantly, we provide in-house and outside
vendor vocational assistance to help claimants return to work.
Pre-Existing Condition Exclusion
Employees will not be covered for a disability caused by a
pre-existing condition. A pre-existing condition is a mental or
physical condition for which an employee has consulted a physician
or practitioner, received medical treatment or services, or taken
prescribed drugs or medications at any time during the pre-existing
condition period.
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