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Individual Disability Income (IDI) coverage is generally Guaranteed Renewable and often Non-Cancellable to age 65 or older - meaning the insurer cannot cancel or increase the premium until that time, provided the premium is paid - even if the employee leaves the business or the program is terminated.
Employees can pay 100% of the cost from the beginning, or you can design your own subsidy.
Billing can be handled any way you like - list billing to the organization or directly to individuals. Either way, employees get a discount.
Low Participation Requirements
Only three (3) policies are required to start, and if participation falls below this threshold existing policyholders will not be adversely affected.
Own-occupation coverage for the full Benefit Period is fairly standard, meaning it should pay even if the insured individual can do something else. True Own-Occupation, which pays full benefits even if working in a different occupation at the same time, is also available.
Employees can custom-configure their own policies, including the Elimination Period, Benefit Period, Benefit Amount and Riders, subject to underwriting constraints.
No Earnings Reporting
There is no need to update the carrier with earnings or hours because these types of policies offer fixed monthly indemnity dollar benefits rather than a percentage of earnings. Perfect for employees with volatile earnings.
Non-ERISA disability insurance
Certain programs can be designed to avoid being classified as ERISA, which can be an advantage in the event of a claims dispute. These programs are commonly used for insuring sophisticated buyers familiar with the issue, such as Partners of law firms, because they are not easily scalable.
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