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Disability Insurance

Short-Term Disability

If you were to become sick or disabled tomorrow and were unable to work for two to three months, would you have enough savings to cover your living expenses during that time? If you don't, short term disability insurance would be an invaluable resource as you recover so that you may return to work.

What is STD?

Group short-term disability plans provide protection against an employee's loss of income due to sickness or accident usually for a 13 or 26-week duration. Elimination periods (before the benefit begins paying) of 7 or 14 days are common. Benefits are based on a percentage of an employee's weekly salary (usually 60% or 66 2/3%) up to a maximum dollar amount.

  • Short Term
    • 7-180 days elimination period
    • Design
      1. Split between employer and employee voluntary premium payment. Guaranteed issue available.

Carriers:

  • Aetna/US Healthcare
  • American United Life
  • Educators Mutual
  • GE Financial
  • ITT Hartford
  • Jefferson Pilot
  • Lafayette Life
  • Mass Mutual
  • MET Life
  • Principal
  • Prudential
  • Reliance Standard
  • Standard Insurance Co
  • UnumProvident
  • United Mutual of Omaha

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Long-Term Disability

Becoming disabled can have a devastating financial impact on your ability to make a living. Many can afford to get by without working for a few months, but few can survive if they stop working all together for an extended period of time. This is where Long Term Disability insurance can help you.

What is LTD?

Group long-term disability plans provide extended benefit protection against an employee's loss of income due to sickness or accident after an employee has been disabled for a period of time. Elimination or waiting periods are usually 3 or 6 months before benefit payments begin. Benefits are usually based on a percentage (usually 60% or 66 2/3%) of an employee's monthly earnings up to a monthly maximum dollar amount. Benefits may often be offered at different levels according to employee class. The definition of disability can be own-occupation or own-occ (the total inability of the employee to perform the material duties of his or her regular occupation) or non-own occupation (the total inability to perform each and every duty of any occupation). Own-occ benefits can be payable to age 65 or limited to a two-year period. Under a non-contributory plan, employer contributions are fully deductible to the employer as an ordinary and necessary business expense, but the benefits are taxable income to the employee. Under a fully contributory plan when the employee pays the entire cost of the coverage with after-tax contributions, the benefits are received free of income taxation.

  • Long Term-Employer Pay
    • From 30 days to age 65 benefit periods
    • "Own Occ" or non-"Own Occ" definition
    • 60% to 66% coverage of income
    • Professional definitions

Carriers:

  • Aetna/US Healthcare
  • American United Life
  • Educators Mutual
  • GE Financial
  • ITT Hartford
  • Jefferson Pilot
  • Lafayette Life
  • Mass Mutual
  • MET Life
  • Principal
  • Prudential
  • Reliance Standard
  • Standard Insurance Co
  • UnumProvident
  • United Mutual of Omaha

Contact Us

HR&S Financial Services, LLC welcomes your requests, comments, questions, and/or concerns. Simply fill out our contact form.