New individual short-term disability product extends options for employees
Sept. 4, 2015 — COLUMBIA, S.C.–(BUSINESS WIRE)–America’s workers have a new affordable way to help protect their families and lifestyles with Colonial Life’s newest short-term disability insurance plan.
Disability insurance, already Colonial Life’s most-popular product line, provides important financial protection for employees to help protect their incomes should they become sick or hurt and unable to work. Those covered by disability insurance can use the monthly benefits to pay for everyday living expenses as well as uncovered medical expenses.
Key new features of the individual disability product include:
- Coverage available to age 74, important since more workers are staying on the job longer.
- More competitive pricing that keeps coverage affordable.
- More options when coverage starts so employees can limit gaps in financial protection.
- Ability to increase coverage amounts at subsequent enrollments without health questions.
“Few of America’s workers are financially prepared for the unexpected,” said Steven Johnson, vice president of product development at Colonial Life. “In fact, 66 percent of adults would find it difficult to pay bills if their paychecks were delayed for even one week1. Our new individual short-term disability plan pays benefits to help employees continue to meet their financial obligations if their paycheck stops, providing a financial safety net many workers desperately need.”
Employers also have more options to tailor disability coverage for the needs of their workforce. They can choose to offer plans that cover psychiatric and psychological conditions, and plans that provide disability benefits from the first day of a hospital stay.
Colonial Life’s plan also includes:
- Options to cover employees disabled at work as well as off the job.
- Coverage for employees unable to perform their own job, not just any job.
- Monthly benefits that replace up to 60 percent of an employee’s income, up to $6,500 per month.
- Payment of a portion of benefits when employees with a disability can work part-time.
- Coverage that employees can take with them to new jobs without a rate increase.
The new individual short-term disability product is available now in 31 states, with additional states coming in the future.
About Colonial Life
Colonial Life & Accident Insurance Company is a market leader in providing financial protection benefits through the workplace, including disability, life, accident, dental, cancer, critical illness and hospital confinement indemnity insurance. The company’s benefit services and education, innovative enrollment technology and personal service support more than 80,000 businesses and organizations, representing more than 3 million of America’s workers and their families. For more information visit www.coloniallife.com or connect with the company at www.facebook.com/coloniallifebenefits, www.twitter.com/coloniallife and www.linkedin.com/company/colonial-life.
Colonial Life products are underwritten by Colonial Life & Accident Insurance Company. In New York similar products, if approved, are underwritten by The Paul Revere Life Insurance Company. Coverage has exclusions and limitations that may affect benefits payable. Coverage may vary by state and may not be available in all states. See your representative for complete details.
1 American Payroll Association, “Getting Paid in America” Survey, 2014