Group Life & Disability Insurance
Group Term Life Insurance is often provided by employers to their employees. This benefit can be offered in two ways; a flat dollar amount which would be the same for all employees or vary by class of employees, or the plan could be based on the earnings of each employee. In the latter instance, the actual benefit amount will vary, but the percentage of earnings is the same for all employees (or class of employees).
Group Disability Insurance includes short and long term disability, often with little or no underwriting requirements. The disability benefit is based on each employee’s earnings. Policies can vary by the length of the waiting period and the benefit period. Some policies also include additional benefits, such as rehabilitation incentive benefits and employee assistance programs.