Disability Insurance (DI) - is insurance designed to replace a percentage (usually 50 to 70 percent) of your gross income should an illness or injury prevent you from earning an income in your occupation. Disability Income insurance can be purchased individually or can be purchased on an employer-sponsored group basis. If you are unable to work due to illness or injury, DI can help you pay your essential expenses; including food, utilities, school tuition, your mortgage, and your car note.
Key Person Disability Insurance - provides benefits to help protect a company from financial hardship that may result from the loss of a key employee due to injury or illness. The company can use the benefits to hire a temporary employee or help defray the costs related to hiring a replacement. It protects the company financially and provides cash flow to help your business move forward.
Business Overhead Expense Disability Insurance (BOE) - coverage reimburses a business for overhead expenses should the owner of the business become disabled. The policy proceeds can be used to pay rent or mortgage, utilities, leasing costs, laundry, maintenance, accounting or billing and collection service fees, business insurance premiums, employee salaries, employee benefits, property taxes, and other regular monthly expenses.
Ask your Pathfinder LL&D adviser for more information on offering disability benefits to your employees.