Long Term Disability

Remember the last time your broker reviewed your group disability income insurance program? He or she probably came in with a big spreadsheet filled with numbers in long columns comparing six or ten or more long term disabilty carriers, right?

After reviewing this mind-numbing spread of data, you finally settled on the one carrier your broker suggested that provided "good" coverage with "good" prices.

But you might have bought the proverbial "pig in a poke." (What is a poke, anyway? Is it that little green top?)

The problem is that, unlike group life insurance, group disability coverage is, well, "tricky." Life insurance claims are easy to figure out -- you're either dead or you're not.

There are lots of things to consider when you design your company's LTD plan.

That's Why This Section Is Here

We hope that we can help you understand what you need to do to be certain that your LTD premium dollars are well-apent.

Click through to any of the items below to get a better handle on what your employees know, what the design of a plan is and/or should be, and how to control costs.

Probably the first thing you might find interesting is just how uninformed your employees probably are about Long-Term Disability.

As a very basic starter, you might want to review the two types of Long-Term Disability coverage that are avaialble -- Group Long-Term Disability, generally referred to as "LTD," and Individual Disability Insurance, usually called "DI."

They are similar in nomenclature, but different in application and cost. Both can be a part of a properly designed employer plan... in fact, both usually should be.

You probably also need to know that the definition of disability can have some significant limitations on it that you may not know about.

If you're not already familiar with Group Long Term Disability insurance you may want to review the basic components of a group disability plan. Once you're comfortable with the basics of group benefit provisions, you'll want to move on to more "sophisticated" provisions.

These are the provisions you can use to help control your company's cost and to assure that only those you want to receive benefits actually do receive them.

And then there's the "graduate" level LTD discussion, where ONE WORD can change the entire value of an LTD plan.

Unusual for somebody with so much experience, Jim Edholm remains deeply curious about his business. He tracks changes in the law, changes in regulations, and changes in interpretations of those regulations. Jim is constantly looking for a different and better way to put together benefit plans, and he recognizes the different needs and obligations faced by companies of different sizes, different revenue streams, and different employee demographics.

Not surprisingly, Jim has assembled a deep roster of talent at BBI – we are comfortable dealing with everybody in the company and confident that they will find the answer to questions that have not even occurred to us. I cannot imagine using anybody but BBI.

Bob Gilbert, Managing Partner
Gilbert and Renton
Andover, MA

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