Company Disability Plan

Company long term disability insurance can be obtained through opting-in a group package offered through an employee's place of work. Business long term disability insurance is typically paid by the employer with a small premium (usually under $10 per pay period) paid by the employee. This coverage can help both the employer and employee during the difficult times a long term disability can cause. It is a good way for an employee to be compensated monetarily while being unable to fulfill their job duties. Usually an adjuster will need to approve the cash payout amount and time frame.

Most policies of this nature feature flexible elimination and benefit periods. Business long term disability insurance elimination periods refer to the amount of time it takes for coverage and payouts to begin once the claim has received approval. These elimination periods last between 0 and 90 days. If the company long term disability insurance pays out after a 90 day elimination period, the employee who filed the claim will have to pay their own expenses until the funds come in from their policy.

The policy holder can pay an individually higher premium in order to lower the elimination period. They can also pay an additional premium to have a coverage policy that includes more options. Some business long term disability insurance policies will cover up to the full wage of the policy holder. For permanent disabled status, the company long term disability insurance policy can supplement a social security program. In order to file a claim, the easiest method used today is through the Internet and the insurance website. Forms can be downloaded and printed for mail, or they can be electronically filed.

Some Christians are apprehensive about the purchase of this coverage because they feel that the purchase of any insurance shows a lack of faith in God's ability to protect and provide for them. The Bibles does not specifically address the purchase of business long term disability insurance, but it does address the issue of being prepared for catastrophe. If financially feasible, it is wise to put some money aside to invest in protection in the case of a disaster, such as a physical or mental disability that prohibits the normal functions a person's job duty requires. "And let them gather all the food of those good years...And that food shall be for store to the land against the seven years of famine, which shall be in the land of Egypt; that the land perish not through the famine." (Genesis 41:35-36). Preparing for life's emergencies is important and can be accomplished with a company long term disability insurance policy.

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