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Voluntary Short Term Disability

Statistics show that the majority of American families would be bankrupt if they missed more than three consecutive paychecks. And 48 percent of all home foreclosures are as a result of a disability.

crutches leaning against a wallVoluntary Short Term Disability Income Coverage

Companion Life'sĀ Voluntary Short Term Disability plansĀ give your clients' employees the peace of mind that a protected paycheck brings. A program designed to help maintain a family's current lifestyle and its plans for the future if the employee is disabled off the job. A plan with the flexibility to meet an employee's individual needs. A program that provides a significant enhancement to an employer's benefit portfolio at no additional cost!

Coverages

This Voluntary Short Term Disability Income Program pays benefits for covered non-occupational injuries and illnesses. Maternity, alcoholism and drug addiction, and mental or nervous conditions are covered the same as any other illness. A partial disability benefit is included to support a recovering employee's return to full potential through part-time work.

Evidence of Insurability

No evidence of insurability is required if the employee is at work on the effective date of coverage. Evidence of insurability is required if employees enroll after their initial eligibility period.

Participation

A minimum of three eligible employees must enroll for groups of three to nine lives. A minimum of five eligible employees must enroll for groups of 10 or more lives.

Enrollment Age Freeze

When an employee enrolls for coverage, as long as he or she remains enrolled, the premium payable for the selected insurance coverage will always be based upon the employee's age at the time of original enrollment.

Employer Eligibility

An employer group is eligible for coverage:

  • If the group is not heavily financed by federal, state or local government entities, or heavily dependent on the procurement of government contracts
  • If it is not a union, health and welfare fund, or similar entity
  • If 50 percent or more of the group is not in commissioned sales
  • If 50 percent or more of the group is not related by blood or marriage
  • If the group is not subject to seasonal fluctuations
  • If the group has been in business more than six months

Employee Eligibility

Employees meeting all of the following are eligible for coverage:

  • Full-time employment (working 30 or more hours weekly)
  • Actively at work on effective date of coverage
  • At least 90 days of continuous service with the employer
  • Employees pay 100 percent of the premium

Pre-existing Conditions

We will not cover a disability that begins in the first 12 months after the effective date. This applies if the disability results from a pre-existing condition with treatment (or symptoms for which an ordinarily prudent person would seek treatment) within 12 months prior to the effective date. The exclusion may vary in certain states as required by state law.

Waiver of Pre-existing Conditions Limitation

The pre-existing condition limitation will not apply if the insured was covered under the prior carrier's Short Term Disability Policy on the policy's termination date and if the insured was responsible for paying the entire premium for his or her coverage under the prior carrier's plan. Please see the policy for further details.

For more information, please contact us.