Tag Archives: disability insurance

Are You Actually Covered? It’s Time to Evaluate Your Group Disability Insurance

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If your company provides Employee Benefits, there’s a good chance you’re enrolled in a Group Disability Insurance plan. At CorpStrat, we’ve been in business for over three decades and have designed benefit programs for numerous companies from every industry under the sun. We’ve observed a common trend: many Group Disability programs are neglected and outdated. Many are auto-renew year over year without anyone taking a closer look. What many employers don’t realize is failing to regularly review and update your plan can leave your employees unprotected and put your company at risk of financial exposure.

Here’s why it’s crucial to reassess your plan:

1. Adaptation to Changing State Disability Limits

State disability limits have evolved over time, and it’s essential for companies with small group disability programs, particularly Short Term Disability (STD), to adjust accordingly. Failing to do so can result in over or underpayment of benefits, putting both employees and employers at risk. Regular reviews and updates ensure alignment with current regulations and prevent any financial discrepancies.

2. Addressing High-Income Individuals:

Most Group Disability plans come with limitations that may not adequately cover individuals earning $150,000 or more annually. If you’re a high-income earner who assumes you’re adequately insured, think again. Many plans cap out, leaving affluent employees vulnerable in the event of disability. Employers need to explore options to ensure comprehensive coverage for all employees, regardless of income level. This will help mitigate financial risks and provide peace of mind.

3. Reviewing Changes in Rates and Providers:

Rates for Group Disability plans fluctuate over time. These rates are influenced by various factors such as economic conditions and insurance provider policies. It’s imperative for companies with plans under providers like Unum, Principal, Provident, or others to periodically reassess their rates and coverage options. Failing to do so may result in missed opportunities for cost savings or better coverage. Regular reviews enable businesses to stay informed about changes in the market and make informed decisions to optimize their Group Disability insurance benefits.

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In conclusion, Group Disability insurance is a critical component of Employee Benefits, second only to medical insurance. Neglecting to review and update your plan can leave your employees vulnerable and expose your company to financial risks. By staying proactive and regularly assessing your Group Disability insurance, you can ensure comprehensive coverage that meets the evolving needs of your workforce.

At CorpStrat, we want to guide you through this process to help you secure the best possible protection for your employees and your business. Don’t overlook this vital aspect of your benefits package—reach out to us today for expert assistance.

Safeguarding Your Business MVPs: The Power of Key Person and Disability Insurance

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In the world of sports, MVPs like LeBron James and Shohei Ohtani are considered invaluable assets to their teams. These players drive success, just like your key employees do for your business. However, have you considered what would happen if unexpected events were to occur? We’re talking about things like illness, disability, or the loss of a key team member. This is where the importance of employee benefits, key person insurance, and disability insurance comes into play.

Protecting Your Business MVPs

Most companies have health insurance to cover medical expenses and illnesses. But have you considered what the broader impact on your business may be if a key employee becomes disabled and is unable to contribute? Where will the funds come from to both fill that employee’s role and while also continuing to pay their salary? In the unfortunate event of an employee’s death, the need to redeem shares, or even ensuring the continuation of commissions, these are critical scenarios that need careful consideration.

Crafting Disability and Life Insurance Plans

The solution to these potential challenges often lies in crafting comprehensive disability and life insurance plans for your key personnel. These plans are designed to safeguard your business, ensuring continuity and peace of mind in times of unexpected adversity. Having the foresight to design these plans in advance can help you avoid major financial headaches.

Securing Your Business for Continuity

The goal is to secure your business, ensuring it continues to thrive even when faced with unforeseen circumstances. Disability and life insurance plans act as a safety net, providing financial support to replace key personnel, maintain salary payments for disabled individuals, and navigate the financial implications of unfortunate events, such as share redemption or, God forbid, death.

Take Action to Protect Your Peace

At CorpStrat, we understand the significance of safeguarding your business MVPs. We specialize in providing tailored solutions for employee benefits, key person insurance, and disability insurance. By directly addressing the unique needs of your organization, we aim to help you build a strong defense and secure the continuity of your business.

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In business, a great offense is sometimes the best defense. Just as sports teams strategically protect their MVPs, it’s essential for businesses to be proactive in securing the future of their key employees. Contact us today to explore how our specialized insurance plans can wrap a protective shield around your most valuable players. We want to ensure your business thrives in any circumstance.

Schedule a call with us today!