What insurance should your insurance company provide to your employees? As an insurance company, you know how valuable insurance is for peoples' peace of mind. How can a disability insurance program help you and your employees succeed in the long term?
Providing Your Employees With Disability Insurance
Disability benefits might seem like an "extra," but they can be very valuable to your employees. Just like other insurance products, they can seem like an expense when they're not needed, but if you have an employee who experiences a serious health crisis, they can save that person's health, home, and family.
Employers vary in their attitudes toward the payment of disability insurance. For many employees, disability insurance is now a voluntary benefit, and they might choose not to have it deducted from their paycheck. With voluntary plans, enrollment is around 40 percent. When employers cover disability insurance, everyone is covered.
What causes employees' injuries might surprise you. According to Forbes, "musculoskeletal system and connective tissue disorders like arthritis and sciatica are the leading cause of new disability claims, coming in at 29 percent of new claims. Cancer is second at 15 percent of new claims."
An employee who is disabled because of a back injury or cancer doesn't want to feel stressed out about money at the same time. Disability insurance provides a valuable benefit that can give your employees peace of mind.
Your Own Disability Insurance
As the owner of an insurance agency, making sure that you are covered through disability insurance helps you not only with your personal finances and security but also with your business security. For instance, if you choose to purchase overhead expense insurance, if you're injured or ill and unable to manage your business for a time, you can cover the expenses of your business. This allows your business to continue as you navigate a particularly challenging time in your own life. It also provides security to your employees, knowing that no matter what, the business overhead will be covered.
Positive, supportive workplace culture is something that employees value very much. Part of that support is knowing that if something does happen in your life that causes disability, you will still be able to take care of your health and your family.
A Sample Disability Insurance Program
At American Agents Alliance, we've created a discounted disability insurance program to serve the companies that we work with every day. In fact, we've created two:
Members age 60 or under can choose Principal Life Disability Income to insure earnings, DI Retirement Security to insure your retirement savings, and/or Overhead Expense to pay the expenses of your business.
We also offer a supplement of $1,000,000 of lump-sum disability coverage for members age 65 or under – or for members up to age 69 with medical underwriting.
This kind of coverage allows you to provide peace of mind to your insurance employees.
Are you ready to improve your employee benefits with a disability insurance program? Connect with American Agents Alliance. We offer many membership benefits, including a discounted disability insurance program for members. Contact us today to learn more.