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Disability Insurance Quotes Geico

Disability Insurance

Short Term Disability Insurance

Long Term Disability Insurance

Learn about our new Claims Center. Access all benefit and claims information now.

The definition of disability will vary depending on your employer’s plan. Some policies consider you disabled when you’re unable to perform your job duties, while others pay only if you’re unable to perform in any job suitable for you based on your training, education and experience. Other policies require that you not be gainfully employed while you’re collecting benefits or that you are unable to earn a certain percentage of your pre-disability income because of injury or sickness.

There are some policies that will pay you a portion of your total disability monthly benefit amount if you have lost a part of your income due to a disability. Other policies and plans may include a rehabilitation provision that requires you to take part in a vocational rehabilitation program in order to continue to receive benefits.

Keep in mind that many policies and plans have exclusions and limitations and may not fully cover certain disabilities and pre-existing conditions. Benefits differ from company to company, so speak with your benefits administrator for your workplace’s complete plan details.

Benefits may begin after you have met an elimination period – a plan-defined period of time, starting with the date you are disabled from work and the number of days you must continue to be disabled until benefits may begin. Most group long term disability plans have an elimination period of 90 days or 180 days. Under most group plans, generally the employer selects the elimination period.

When you choose disability coverage, consider how long you can manage without a paycheck. If you have significant savings, you may be willing to choose a longer elimination period. Typically, the longer the elimination period, the lower the premium.

With most group disability plans, the employer selects the maximum duration of benefits. The most frequently offered maximum benefit periods are two years, five years, and to age 65. Policies with shorter maximum benefit periods typically have lower premiums.

Disability coverage that replaces at least 60 percent of your after-tax income is generally recommended.

To estimate the benefit amount you would need if you became disabled, ask yourself how much monthly income would cover your living expenses. Household expenses may include mortgage and car payments, groceries and child care. Consider all these factors to help you come up with an appropriate amount.

The MetLife Disability Calculator is another handy resource you can use to estimate the amount of disability insurance income you would need to help maintain your current standard of living.

Social Security disability benefits may be available to eligible individuals who experience a disability that is expected to last longer than one year, in addition to other requirements. Social Security disability benefits are not intended for temporary conditions. You should also note that Social Security’s disability rules are different from those of other government or private programs. For more information on Social Security disability benefits eligibility, visit the Social Security Administration’s website at www.ssa.gov.

Check with your workplace benefits specialist to find out if your company offers group disability insurance, and if you are eligible. If so, your benefits administrator can provide you with plan details.

You will need written proof of your disability from your treatment provider(s) to file a claim. You may also need to provide additional medical records concerning the details of your disability. Your insurer may also want you examined at their cost and/or may require financial information from you. Please see your company’s benefits administrator for details.

MetLife offers various ways to submit your claim based on your plan, including online, mail, phone and fax options. Plus, you can count on MetLife to provide caring, compassionate and accurate claims service if and when you experience a disability.

Long Term Disability Insurance

Covers essential living expenses: can help pay for food, clothing, utilities, your mortgage, car payments and more

Direct monthly payments: receive a portion of your salary paid directly to you each month if you’re unable to work (after initial waiting period)

Rehab incentives: coverage may include financial incentives designed to help you transition back to work

Easy claims filing: report claims online or by phone

Competitive rates: this group coverage is offered only through your employer

For complete plan details, talk to your company’s benefits administrator.

The day everything changed

Watch how MetLife helped Steven and his family make ends meet after he suffered a disabling injury at work.

The definition of disability will vary depending on your employer’s plan. Some policies consider you disabled when you’re unable to perform your job duties, while others pay only if you’re unable to perform in any job suitable for you based on your training, education and experience. Other policies require that you not be gainfully employed while you’re collecting benefits or that you are unable to earn a certain percentage of your pre-disability income because of injury or sickness.

There are some policies that will pay you a portion of your total disability monthly benefit amount if you have lost a part of your income due to a disability. Other policies and plans may include a rehabilitation provision that requires you to take part in a vocational rehabilitation program in order to continue to receive benefits.

Keep in mind that many policies and plans have exclusions and limitations and may not fully cover certain disabilities and pre-existing conditions. Benefits differ from company to company, so speak with your benefits administrator for your workplace’s complete plan details.

Benefits may begin after you have met an elimination period – a plan-defined period of time, starting with the date you are disabled from work and the number of days you must continue to be disabled until benefits may begin. Most group long term disability plans have an elimination period of 90 days or 180 days. Under most group plans, generally the employer selects the elimination period.

When you choose disability coverage, consider how long you can manage without a paycheck. If you have significant savings, you may be willing to choose a longer elimination period. Typically, the longer the elimination period, the lower the premium.

With most group disability plans, the employer selects the maximum duration of benefits. The most frequently offered maximum benefit periods are two years, five years, and to age 65. Policies with shorter maximum benefit periods typically have lower premiums.

Disability coverage that replaces at least 60 percent of your after-tax income is generally recommended.

To estimate the benefit amount you would need if you became disabled, ask yourself how much monthly income would cover your living expenses. Household expenses may include mortgage and car payments, groceries and child care. Consider all these factors to help you come up with an appropriate amount.

The MetLife Disability Calculator is another handy resource you can use to estimate the amount of disability insurance income you would need to help maintain your current standard of living.

Social Security disability benefits may be available to eligible individuals who experience a disability that is expected to last longer than one year, in addition to other requirements. Social Security disability benefits are not intended for temporary conditions. You should also note that Social Security’s disability rules are different from those of other government or private programs. For more information on Social Security disability benefits eligibility, visit the Social Security Administration’s website at www.ssa.gov.

You will need written proof of your disability from your treatment provider(s) to file a claim. You may also need to provide additional medical records concerning the details of your disability. Your insurer may also want you examined at their cost and/or may require financial information from you. Please see your company’s benefits administrator for details.

MetLife offers various ways to submit your claim based on your plan, including online, mail, phone and fax options. Plus, you can count on MetLife to provide caring, compassionate and accurate claims service if and when you experience a disability.

How much disability insurance coverage is right for you?

Learn how disability insurance can offer a financial safety net if an accident or illness keeps you from working.

Disability Insurance

Short Term Disability Insurance

Long Term Disability Insurance

Learn about our new Claims Center. Access all benefit and claims information now.

The definition of disability will vary depending on your employer’s plan. Some policies consider you disabled when you’re unable to perform your job duties, while others pay only if you’re unable to perform in any job suitable for you based on your training, education and experience. Other policies require that you not be gainfully employed while you’re collecting benefits or that you are unable to earn a certain percentage of your pre-disability income because of injury or sickness.

There are some policies that will pay you a portion of your total disability monthly benefit amount if you have lost a part of your income due to a disability. Other policies and plans may include a rehabilitation provision that requires you to take part in a vocational rehabilitation program in order to continue to receive benefits.

Keep in mind that many policies and plans have exclusions and limitations and may not fully cover certain disabilities and pre-existing conditions. Benefits differ from company to company, so speak with your benefits administrator for your workplace’s complete plan details.

Benefits may begin after you have met an elimination period – a plan-defined period of time, starting with the date you are disabled from work and the number of days you must continue to be disabled until benefits may begin. Most group long term disability plans have an elimination period of 90 days or 180 days. Under most group plans, generally the employer selects the elimination period.

When you choose disability coverage, consider how long you can manage without a paycheck. If you have significant savings, you may be willing to choose a longer elimination period. Typically, the longer the elimination period, the lower the premium.

With most group disability plans, the employer selects the maximum duration of benefits. The most frequently offered maximum benefit periods are two years, five years, and to age 65. Policies with shorter maximum benefit periods typically have lower premiums.

Disability coverage that replaces at least 60 percent of your after-tax income is generally recommended.

To estimate the benefit amount you would need if you became disabled, ask yourself how much monthly income would cover your living expenses. Household expenses may include mortgage and car payments, groceries and child care. Consider all these factors to help you come up with an appropriate amount.

The MetLife Disability Calculator is another handy resource you can use to estimate the amount of disability insurance income you would need to help maintain your current standard of living.

Social Security disability benefits may be available to eligible individuals who experience a disability that is expected to last longer than one year, in addition to other requirements. Social Security disability benefits are not intended for temporary conditions. You should also note that Social Security’s disability rules are different from those of other government or private programs. For more information on Social Security disability benefits eligibility, visit the Social Security Administration’s website at www.ssa.gov.

Check with your workplace benefits specialist to find out if your company offers group disability insurance, and if you are eligible. If so, your benefits administrator can provide you with plan details.

You will need written proof of your disability from your treatment provider(s) to file a claim. You may also need to provide additional medical records concerning the details of your disability. Your insurer may also want you examined at their cost and/or may require financial information from you. Please see your company’s benefits administrator for details.

MetLife offers various ways to submit your claim based on your plan, including online, mail, phone and fax options. Plus, you can count on MetLife to provide caring, compassionate and accurate claims service if and when you experience a disability.

Disability Insurance

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What Disability Insurance Is All About:

No one expects to suffer from a debilitating injury and lose their ability to work and cover daily expenses – but it happens. With Disability Insurance, you can give your employees and their families peace of mind in knowing that they won’t lose everything when something unplanned happens.

If an illness or injury puts you or one of your employees out of work, Disability Insurance ensures a continued source of income.

Read on to see if it’s is something you need for your business and employees.

What Is Disability Insurance?

Disability Insurance covers a portion of an employee’s income when they lose their ability to work due to a non work-related illness or injury. There are two types: short-term and long-term disability plans. Employers can offer either or both depending on their needs.

Short-term disability covers a portion of the policyholder’s salary for a short period, which can vary depending on the policy. However, it’s usually covered for three to six months after the incident that left them disabled.

Long-term disability usually comes into play when the employee holding the policy is disabled to the point of being unable to work for at least six months. It can be extended for years, even until the policyholder retires or reaches the age of 65, in which case benefits will end.

Many business types should consider disability insurance particularly important. Physician disability insurance, for example, is important for healthcare professionals who recognize the difficulties that disabilities can impose on an individual. Disability insurance for self employed contractors is also a good idea, considering the many dangers that exist in contracting work.

Many policies also cover rehabilitation costs that help employees transition back into work faster.

Do I Need Disability Insurance?

You are required to carry short-term Disability Insurance for your employees if you live in a state where this type of insurance is mandatory. States that mandate professional disability insurance include:

  • California
  • Hawaii
  • New Jersey
  • New York
  • Rhode Island.

As a small business, you qualify for voluntary group disability policies if…

  • You employ three or more eligible employees (eligible employees must purchase supplementary health insurance that your business supports, meaning money is withheld from their paycheck to pay for the insurance)

This type of insurance comes in handy if…

  • You have employees, and want to offer them peace of mind that they’ll have income during a catastrophic injury or illness
  • You employ women of childbearing age who might benefit from paid maternity leave offered through short-term disability.

It’s important to note that some businesses do not qualify to offer voluntary disability policies to employees. These include:

  • Fishing, hunting and trapping companies
  • Slaughterhouses
  • Massage parlors
  • Gambling companies, like bingo establishments and video poker
  • Professional sports teams
  • Trucking companies hauling dangerous loads
  • Offshore oilfield services
  • Fruit and vegetable stands
  • Private detectives
  • Catering companies that use trucks
  • Boat and/or shipbuilding and repair businesses
  • Coin-operated amusement centers
  • Military services
  • Railroads
  • Pornographic book stores

Still not sure what you need?

CoverWallet’s Insurance Checklist , you’ll find a list of insurance types needed for your specific business or industry.

What Does Disability Insurance Cover?

At a High Level.

It replaces income lost due to injury from a catastrophic accident or illness beyond 90 days. It generally replaces 60 percent of the policyholder’s income from the previous year, up until retirement age (65 years old).

This type of insurance offers an important benefit if your business employs female employees of childbearing age: paid maternity benefits. Short-term disability covers normal childbirth, ensuring that your employees will be partially compensated while they are on leave.

Getting Into the Details…

Here are examples of some types of claims:

You’ll Know It’s the Right Policy If It Covers:

  • Long-term and short-term disability benefits
  • Rehabilitative services
  • Workplace modification and security coordination assistance
  • An Employee Assistance Program (EAP)
  • Optional long-term disability services, such as personal care assistance, 401(k) contribution benefit, spouse disability and dependent disability.

What Does Disability Insurance Not Cover?

Disability Insurance does not cover work-related injuries. It’s important to note the distinction between it and Workers Compensation Insurance. While Workers Compensation Insurance covers your employees for accidents that occur on the job and work-related illnesses, this type of insurance covers employees who are incapacitated due to accidents, injuries and illness that happen outside of work.

Another thing that is important to pay attention to when purchasing this type of insurance for your business: how the carrier defines “disability.” There are two definitions here. “Own occupation” coverage provides benefits when employees aren’t able to perform their current job – even if they could do something else. This is preferable from an employee standpoint. The other type is “any occupation” coverage, which only offers benefits when an employee is disabled to the point of not being able to work at any job, period. Read the fine print and determine which type of coverage is best for you.

Mental and nervous disorders are also often excluded from disability coverage.

What Are the “Limits” on a Disability Insurance Policy?

Short-term disability benefits are typically paid from three to six months after an accident or illness that makes an employee unable to work. Long-term disability benefits can be extended for years, however they won’t apply once the policyholder retires or reaches age 65.

Disability benefits are usually limited to 60 percent of the employee’s wages from the previous year.

How Much Does Disability Insurance Cost?

The cost of both long-term and short-term Disability Insurance usually falls between 0.25 and 0.5 percent of total compensation for companies of all sizes. As a small business owner, you should assess whether you can afford to offer both to employees. Offering this type of benefit is important for retention purposes, as rates for group plans are generally less expensive than individually-purchased policies. There’s also the benefit to the business of getting employees back to work as quickly as possible.

The rates for an insurance policy vary depending on the industry of your business. Disability insurance for physicians, for example, will not cost the same as for mail carriers. This is affected by the perceived risk of workers in your industry, as well as the stability of the workforce. However, the size of your business doesn’t matter: as a small business owner, you are subject to the same rate as a large national corporation. Physicians disability insurance for a small practice will therefore pay the same rate as a large, privately run hospital.

If you’re unable to provide and pay for group Disability Insurance to all employees, providing individual coverage or voluntary employee-paid coverage is an option that should be considered.

Additionally, many small business owners purchase personal insurance policies for themselves as a type of business overhead insurance. This ensures their business can run while the owner is recovering from a disability. It covers standard business expenses, typically including payroll, utilities, rent, etc. However, the salary of the business owner itself would not be covered.

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