Voluntary Disability Insurance
Workplace voluntary disability insurance offers eligible employees income protection insurance with benefits that partially replace income lost as a result of a disabling non-occupational accident or illness.
The Value of Workplace Voluntary Disability Insurance
When a non-occupational accident takes away the ability to bring home a paycheck, workplace voluntary disability insurance helps fill the gap. Payments can be used for any purpose, including ongoing bills such as rent or mortgage payments, educational expenses, food, and car payments.
Plan Benefit Options
These multilayered plan designs may include options for:
- Combination benefits covering accidents, sickness, or both
- Off-the-job coverage or 24-hour coverage
- Elimination periods, or the number of continuous days – beginning with the first day of total disability – before any monthly benefit amount is payable
- Benefit periods for which monthly income benefits are payable after the elimination period ends – these often include choices of 90 days, six months, one year, two years, or three years
- Portability, depending on whether the plans are offered individually or as a group, and the length of time an employee is employed before being terminated – voluntarily or involuntarily
Optional riders cover categories such as emergency accidents, outpatient sickness, hospital indemnity, and COBRA expenses.
