A "one size fits all" Disability insurance plan may not be the best solution for a growing, diverse workforce. That's why Disability Employee Choice from The Standard is a compelling option for an employer-paid Long Term Disability (LTD) insurance plan.
Disability Employee Choice from The Standard
Lets employers address the varied needs of workers by offering two options within a single plan, at the same cost to the employer
Allows employees to select the benefit design that is best for them, based on their situation
Can increase employee retention and goodwill
The Standard offers two Disability Employee Choice employer-paid plans; each plan offers two options to employees.
Plan 1
When an employer selects Plan 1, employees receive these choices:
Choice 1 is a standalone LTD plan with a high LTD Benefit and Maximum Benefit Period To Age 65 – but with a lengthy Benefit Waiting Period. This plan may work best for long-term employees who have accrued enough personal leave benefits or personal savings sufficient to bridge an LTD Benefit Waiting Period for a higher benefit.
Choice 2 is a combined STD/LTD plan with a low overall benefit and a Maximum Benefit Period of either To Age 65 or five years – but with a significantly shorter Benefit Waiting Period than Choice 1. The combined STD/LTD plan may work best for employees who have very little personal leave accrued, helping them to access benefits more quickly. In addition, the LTD Benefit Waiting Period may be fulfilled while receiving STD benefits, enabling a seamless transition if needed.
Plan 2
When an employer selects Plan 2, employees receive these choices:
Choice 1 has a high LTD Benefit and Maximum Benefit Period To Age 65 – but with a lengthy Benefit Waiting Period. An employee with a significant amount of savings or accrued personal leave may be able to wait out the longer Benefit Waiting Period to obtain the higher benefit amount.
Choice 2 has a lower LTD Benefit and a Maximum Benefit Period of either To Age 65 or five years – but with a significantly shorter Benefit Waiting Period. An employee with immediate financial demands (a young family, for example) may find this a better choice.
Products and provisions described may not be available in all states. Specific provisions may vary by state. The products and coverages have exclusions, limitations, reductions of benefits and terms under which they may be continued in force or terminated. Please contact The Standard for additional information, including costs and complete details of coverage.
