Do you remember the story about a college dean who famously said, “Look to your left and then look to your right, at the end of the term one of them won’t be here?” That fabled tale can sadly be applied to employers about their staff — Look to your right, look to your left, chances are, one of those people will end their career on long-term disability.
When you think of long-term disability insurance, it may be easier to think of it as income replacement, because it is. Employees get paid a portion of their income to spend on anything they want, just as they would have the same freedom with their paycheck. This will last as long as they are unable to work due to a prolonged illness or injury.
Many people assume workers comp or social security will cover them, but illness and injuries are much more likely to be non-occupational in origin. We see it every day. Workers who become disabled off the job can wait for years to get benefits, and often at amounts that probably aren’t enough to maintain their expenses.
Because illness or injury can happen any time to anyone, it is best to offer this benefit to all individuals, no matter your workplace population. The most common reasons for long-term disability are cancer, pregnancy and mental health issues, conditions that might not be top of mind when you think of disability, according to the Council for Disability Awareness.
At Taylor Oswald, we believe long-term disability insurance is the most important part of a benefits package, second only to medical coverage. Consider that the entire philosophy behind offering benefits is because you care about your workforce. Employees become the eyes, ears, arms and legs of your business, and even your extended family. In their time of need, employers want to be there for their employees, just like any strong relationship in life.
Long-term disability coverage should be considered at the top of the hierarchy of benefits because without an income, your employee can’t pay for any other benefit (such as dental, vision, etc.).
Long-term disability coverage can be completely covered by the employer or elected voluntarily by the individual. Simply offering it is important, and this can be organized directly through your broker – Taylor Oswald.
Contact me and the Taylor Oswald team to explore your options for long-term disability insurance.
Note: This communication is for informational purposes only. Although every reasonable effort is made to present current and accurate information, Taylor Oswald makes no guarantees of any kind and cannot be held liable for any outdated or incorrect information. View our communications policy.
