Do Your Employees Need Long-Term Disability Insurance?
Would your employees be able to pay their bills if an accident or prolonged illness meant they couldn’t work?
Many likely wouldn’t, as nearly 70% of Americans have less than $1,000 saved in the event of an emergency.
Adding long-term disability insurance to your benefit offerings can provide peace of mind for your employees and help your company stand out. This type of policy replaces a percentage of lost income – 60% or more depending on the policy – to help with living expenses while someone recovers.
Sean McCusker and his family are grateful for their policy. McCusker suffered a stroke and spent more than two months in the hospital. His rehabilitation is ongoing nearly one year later. He hasn’t been able to return to work yet, but his disability policy is making sure the family’s bills are paid.
“It made a huge difference,” explained Sean’s wife, Marla McCusker. “Having long-term disability insurance helped us focus our priorities on Sean. The weight was lifted because we had that – things would be a lot different for us and our three kids if we hadn’t.”
Insuring peace of mind
Similar to life insurance, long-term disability insurance provides additional financial protection for you and your family. Not opting into these types of supplemental policies could be a costly mistake, according to Daryl Oliver, Michigan distribution and relationships manager, Dearborn Group. Blue Cross Blue Shield of Michigan works with Dearborn Group to help bring financial protection to employees of group customers and expand benefits packages.
“Your greatest asset as a human being is your ability to earn an income,” Oliver said.
According to the Social Security Administration, nearly one in four 20-year-olds will become disabled before reaching retirement age. No matter how young and healthy your workforce appears today, accidents and illness will statistically affect them too and upend their lives and the lives of their families.
Illnesses such as cancer can make working for long periods of time impossible. The long recovery and rehabilitation sometimes required in the event of sudden health emergencies such as stroke or heart attack could also mean months or years of not being able to work.
Offering the security that long-term disability benefits provide your employees can go a long way in helping them feel supported. If you’re interested in learning more about long-term disability coverage from Dearborn Group, underwritten by Dearborn Life Insurance Company, which offers flexible plans to meet the financial needs of employers and employees, contact an agent today.
Dearborn Group insurance products issued by Dearborn Life Insurance Company, 701 E. 22nd St. Suite 300, Lombard, IL 60148. Dearborn Life Insurance Company is a separate company, not owned by Blue Cross Blue Shield of Michigan, and does not provide Blue Cross Blue Shield of Michigan products or services. Dearborn Life Insurance Company is a provider of ancillary insurance products and is financially responsible for the products it issues.
Blue Cross Blue Shield of Michigan and Blue Care Network are nonprofit corporations and independent licensees of the Blue Cross and Blue Shield Association.