1530 East Dundee Road, Suite 200 Palatine, Illinois 60074
(847) 934-6100 Fax: (847) 934-6186  info@dspins.com

Group Term Life Insurance, depending on the size of the group, can be offered on a contributory, non-contributory or voluntary basis. The amount of life insurance can be a flat amount or based upon annual salary. Most carriers will guarantee issue a certain amount of coverage and if employees want to purchase more they have to complete health statements and/or paramed exams. The plan can be paid for by the employer or partially funded with employee contributions.

SHORT TERM DISABILITY & LONG TERM DISABILITY

Most workers and their families would suffer serious financial hardship without a paycheck.

Short Term Disability covers employees for the "short term". Short Term Disability usually runs from 1 to 6 months. There is typically a waiting period of 8 days for disability due to an illness and no waiting period for disability due to accident. The weekly payment can be a flat amount, example: $200 weekly or it can be based upon the employee’s salary, example: 60% of weekly salary to a maximum of $200. The plan can be paid for by the employer or partially funded with employee contributions.

Long Term Disability covers employees for the "long term". Long Term Disability picks up where Short Term Disability ends. There is typically an elimination period of 90 to 180 days and benefits can last for 24 months to age 65 depending on occupation and the disability. The monthly payment is based upon salary, example: 60% of salary to $5,000 monthly maximum. Most disability carriers also offer employee assistance plans, help with rehabilitation, return to work services, and additional catastrophic coverage. There is usually coverage for partial disability as well. The plan can be paid for by the employer or partially funded with employee contributions.

LONG TERM CARE

With the high cost of health care, very few people can afford the extended care that’s often needed with chronic illness, injury or advancing age. Long Term Care insurance is important for anyone concerned about preserving financial security and independence. Long Term Care insurance generally covers the expenses for "custodial care". This could be for care in a nursing home or for care at home or care at an adult daycare facility. Custodial care is the term used for care that is not medically necessary care. For example a person diagnosed with Alzheimer’s disease usually does not need medical care at first, but does need someone to watch them as the disease progresses. Benefits are generally based upon the inability to perform two or more Activities of Daily Living (ADLs) or loss of cognitive skills. Plans can be contributory, non contributory or voluntary. Also, dependents may be able to purchase Long Term Care Insurance along with the employee.