Low to moderate cost benefit

Benefit: Provides cash income for an employee who is disabled because of sickness or injury.

Rates are determined by: Industry, age, sex mix, job descriptions, number of participants, dollar amount requested, blue collar and white collar mix, and plan design.

Cost person: Benefit is sold in $10.00 units. The cost per unit per month can be 19 cents to $2.00. Average is 54 cents.

Example: Employee makes $1,000 per month and the benefit is 60% or 600.00. $600 divided by $10 units = 60 units times .54 = $32.40 per month for that employee.

How much is customary: 60% or 66% of Gross Wages, 90 or 180 day wait before benefit starts, two year, five year, or a to age 65 benefit.

Who should pay: Employer usually will pay for this benefit. (This results in the lowest rate possible) Some companies have the employee share in cost.
This is a Guaranteed issue product.

*The employer is responsible for FICA for six months and employee is responsible for income tax for the duration of the benefit.

To provide your rate: We need Industry. Payroll information, sex, age, and job description of each employee. Group Long Term Disability

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