‘Keep-Your-House’ Coverage
Patricia Carpenter
Posted: 7/27/2010
Could your employees cover the mortgage if they became disabled? Without Disability Insurance, for most people the answer is no. According to the Housing and Home Finance Agency, 48% of mortgage foreclosures are due to illness or injury that keeps people from earning their living.
An employee's chance of becoming disabled for 90 days or more, during the working years, is one in three (Health Insurance Association of America study). The average disability lasts five years, according to the American Journal of Chartered Life Underwriters.
Active workers are three times more likely to be disabled than to die, according to the HIAA. Workers Compensation pays out in only 14% of disability claims.
According to a 2009 survey, only one person in ten has safeguarded the family's cash flow with Income Protection coverage. Another 30% are fortunate enough to have this coverage provider by their employer. That leaves 60% of employees vulnerable.
So, how do people prepare and protect against this potential loss of income? You can reduce your employees' stress and worry with cost-effective group benefits.
Disability insurance replaces income when your employee is unable to work. Employers may purchase guaranteed issue coverage with group disability benefits. Developing a richer benefits package helps attract better employees. Since good employees are a competitive advantage in the marketplace, attracting and keeping them helps your bottom line.
Sequent Retirement & Benefits Group offers the best of the marketplace for income replacement insurance. For coverage that lasts until retirement age, ask Sequent Retirement & Benefits Group for a Long Term Disability proposal. Long Term Disability coverage is one of the building blocks of a total compensation plan.We'll work with you to meet your needs, now and in the future.
About the Author: Patricia Carpenter, CLU, CHFC
Vice President, Business Development, Sequent Retirement & Benefits Group
Pat Carpenter has more than thirty years' experience working for and with emerging businesses. A veteran of three start-ups, she has spent more than thirty years of her career working in the life and health insurance industries as a field underwriter, group representative, broker and consultant. Pat has worked closely with business owners to create custom-tailored succession plans and wealth accumulation programs. She has analyzed financial strategies, plan designs, and employee incentives. In addition, she has educated people from line workers to Board members about how to optimize their employee benefits. Pat has earned the Chartered Life Underwriter and Chartered Financial Consultant designations from the American College.
Return to News List »
|