BENEFITS

Growing BusinessBENEFITS

Adding Disability Insurance to Your Benefits Package

QUICK SUMMARY

You probably have many different types of insurance for your business, including health, liability, vehicle, and property, to name a few. But many small business owners neglect what may be one of the most important types of insurance coverage—disability. According to the Disability Management Sourcebook, one in seven people will become disabled for five years or more before age 65.

Should You Offer Group Disability Insurance to Your Employees?

If you have 10 or more employees, group disability insurance can provide a covered employee with a benefit of up to 60 percent of their pre-disability income, to a specified maximum.

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Short-Term vs. Long-Term Disability Insurance Coverage

There are generally two types of disability coverage offered to employees by their employer—short-term disability (STD), with benefits typically paid for less than one year, and long-term disability (LTD), with benefits that can last to age 65 or beyond.

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Taxation of Disability Income Insurance Benefits

Who pays for disability insurance premiums (employer, employee or a combination) and how premiums are paid (pre-tax or after-tax dollars) determine if disability insurance contributions are tax deductible and if benefit payments are taxable or tax-free.

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