New individual short-term disability product extends options for
employees
COLUMBIA, S.C.--(BUSINESS WIRE)--
America’s workers have a new affordable way to help protect their
families and lifestyles with Colonial
Life’s newest short-term disability insurance plan.
Disability
insurance, already Colonial Life’s most-popular product line,
provides important financial protection for employees to help protect
their incomes should they become sick or hurt and unable to work. Those
covered by disability insurance can use the monthly benefits to pay for
everyday living expenses as well as uncovered medical expenses.
Key new features of the individual disability product include:
-
Coverage available to age 74, important since more workers are staying
on the job longer.
-
More competitive pricing that keeps coverage affordable.
-
More options when coverage starts so employees can limit gaps in
financial protection.
-
Ability to increase coverage amounts at subsequent enrollments without
health questions.
“Few of America’s workers are financially prepared for the unexpected,”
said Steven Johnson, vice president of product development at Colonial
Life. “In fact, 66 percent of adults would find it difficult to pay
bills if their paychecks were delayed for even one weeki. Our
new individual short-term disability plan pays benefits to help
employees continue to meet their financial obligations if their paycheck
stops, providing a financial safety net many workers desperately need.”
Employers also have more options to tailor disability coverage for the
needs of their workforce. They can choose to offer plans that cover
psychiatric and psychological conditions, and plans that provide
disability benefits from the first day of a hospital stay.
Colonial Life’s plan also includes:
-
Options to cover employees disabled at work as well as off the job.
-
Coverage for employees unable to perform their own job, not just any
job.
-
Monthly benefits that replace up to 60 percent of an employee’s
income, up to $6,500 per month.
-
Payment of a portion of benefits when employees with a disability can
work part-time.
-
Coverage that employees can take with them to new jobs without a rate
increase.
The new individual short-term disability product is available now in 31
states, with additional states coming in the future.
About Colonial Life
Colonial Life & Accident Insurance Company is a market leader in
providing financial protection benefits through the workplace, including
disability, life, accident, dental, cancer, critical illness and
hospital confinement indemnity insurance. The company’s benefit services
and education, innovative enrollment technology and personal service
support more than 80,000 businesses and organizations, representing more
than 3 million of America’s workers and their families. For more
information visit www.coloniallife.com
or connect with the company at www.facebook.com/coloniallifebenefits,
www.twitter.com/coloniallife
and www.linkedin.com/company/colonial-life.
Colonial Life products are underwritten by Colonial Life & Accident
Insurance Company. In New York similar products, if approved, are
underwritten by The Paul Revere Life Insurance Company. Coverage has
exclusions and limitations that may affect benefits payable.Coverage
may vary by state and may not be available in all states. See your
representative for complete details.
iAmerican Payroll Association, “Getting Paid in America”
Survey, 2014
View source version on businesswire.com: http://www.businesswire.com/news/home/20150831005881/en/
Colonial Life & Accident Insurance Company
Chris Winston,
803-678-6997
cwinston@unum.com
Source: Colonial Life & Accident Insurance Company