Florida Group Disability Insurance

We have both short-term and long-term group disability insurance plans.

Short term disability (STD) pays a percentage of your salary or a fixed monthly amount if you become temporarily disabled, meaning that you are not able to work for a short period of time due to sickness or injury (excluding on-the-job injuries, which are covered by workers compensation insurance). You generally start receiving money from your STD policy within one to 14 days after becoming sick or disabled.

LTD policies provide you with income for a long period of time, such as two years, five years, or until you retire. Most people who have LTD insurance get it through their employers, although you can buy individual LTD insurance on your own.

LTD picks up where short term disability (STD) leaves off. Once your STD benefits expire (generally after three to six months), the LTD policy pays you a percentage of your salary, usually 50, 60, or 66 2/3 percent. You then receive benefits until you reach age 65.

What to look for in an individual long term disability insurance policy

- Some policies pay benefits only if you are unable to perform the duties of your normal occupation, while others will pay only if you cannot work in any job at all.

- Extent of disability. Some policies require that you be totally disabled before payments begin. Other policies pay out for partial disability for a limited time, but most often only if the partial disability follows a period of total disability for the same cause.

- "Residual" benefits. Residual benefits can help make up the difference in your income if you are able to work, but are limited in your responsibilities due to your disability.

- Presumptive disability. Some policies will pay benefits if you are still able to work but still have loss of sight, speech, hearing, or use of limbs.

- When payments begin. You can choose to begin receiving disability payments anywhere from 31 days to the first six months. The longer you wait for a payment start date, the less your premiums will be.

- Length of coverage. Generally, coverage will pay you for two years, five years, or until you turn 65. The longer you receive payments, the more your premium will be.

- Keeping pace with inflation. You can purchase a cost-of-living adjustment (COLA) to add to your basic disability insurance policy. This provision generally increases payout's by 4 to 10 percent each year.

- Waiver of premium. Most policies contain a "waiver of premium" provision so that you do not have to pay premiums if you are disabled for 90 days or longer.

Source: National Organization on Disability

There are numerous companies that sell group disability insurance. It is a very competitive market. We will shop this market for you and find the best possible plan from a reliable carrier.

Please call us at 800-986-4786 for more information about these and other Florida group health insurance alternatives.