Oftentimes disability insurance is offered through your group insurance. The disability insurance can be either for short term disability or long term disability, and it may be paid for by your employer or by the employee.
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Several well known insurance companies, such as Unum, MetLife, and Mutual of Omaha, have group disability insurance. Although this article will focus on those three group disability insurance providers, your employer can let you know who provides your group disability insurance. Also, you may find your best options is with another provider altogether.
Unum Group Disability Insurance
Unum was founded as Unum Mutual in 1848, choosing Boston for its headquarters. It’s very first policy was issued for life insurance in 1849, which officially launched its long history of providing various insurance products to Boston, soon followed by Maine, and now nationwide. Their first group life insurance plan was issued in 1924.
Meanwhile, Provident Life and Accident Insurance Company opened its doors in Tennessee and in 1939 it became the first insurance company ever to sell disability insurance products. In 1999, UnumProvident Corporation was formed out of a merger between Unum and Provident. As recently as 2007 they changed their name to Unum Group and currently operate three divisions under the Unum name.
In addition to life insurance and long term care insurance, Unum offers short term disability and long term disability coverage to protect loss of income during a disability. Various occurrences can lead to disability, ranging from a back injury to cancer treatment. Even maternity leave can be considered a form of disability, leaving a new mother without income while she and her baby adjust to their new lives.
Short term disability from Unum ranges from as little as 13 weeks to as much as 52 weeks while long term disability takes an insured disabled person well beyond the first year of their disability. Additionally, Unum offers several services that are value added to their group disability insurance plans. Services include a work-life balance program, long term care support, travel assistance, financial assistance, and legal assistance.
MetLife Disability Insurance
MetLife, Inc. began in 1863 as Metropolitan Life Insurance Company. Unlike other insurance companies that began selling life insurance products, MetLife began selling disability insurance to soldiers and sailors in the event they became ill or wounded during the Civil War. The business was a difficult one and five years later MetLife began focusing on life insurance products. Finding that difficult as well, MetLife then changed its attention to insurance for industrial workers and therein found its success. Today, MetLife offers various insurance products to consumers and businesses nationwide.
Packaging term life insurance and disability insurance together, MetLife offers financial protection for the critical years when your dependents are most reliant on you. Even if you have group disability insurance through work, the coverage you have may not be enough to help you sustain your basic living needs in the event should you become disabled.
Your group disability benefit may be as much as 60% of your salary, but that is not usually sufficient enough to support you and your family’s lifestyle. Purchasing individual disability insurance can help bridge the gap so that the loss of income you suffer is not as great.
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The cost of disability insurance will depend on a number of factors, including your age, weight, gender, current health condition, smoker status, lifestyle activities, and career choice. The amount of your premium will also depend on the benefit amount you select and the maximum benefit payout.
Mutual of Omaha Group Disability Insurance
Mutual of Omaha started in Nebraska as Mutual Benefit Health & Accident Association in 1909. In 1910 they officially began issuing health and accident insurance and by 1920 they were selling insurance products in 15 states. Mutual of Omaha had a landmark year in 1960 by being the first insurance company to add rehabilitation to its disability insurance. Today, Mutual of Omaha is financially sound and strong with an A+ rating from A.M. Best Company, Inc., an Aa3 rating from Moody’s Investors Service, and an AA- rating from Standard and Poor’s.
Disability insurance from Mutual of Omaha includes short term disability insurance and long term disability insurance as well as business expense disability insurance. Business Operating Expense is available for business owners to help cover business operating expenses in the event that the owner becomes disabled. Benefits include coverage for employee salaries, rent, utilities, maintenance, taxes, and business loan interest. You can choose a benefit period of either 12 or 18 months with a monthly benefit cap of $15,000.
For consumers, Mutual of Omaha offers short term and long term disability insurance. Short term disability benefits include total disability income as well as partial disability. You also have the option of purchasing accident only short term disability, which will cover you if you become disabled due to an accident. This coverage will not provide benefits if you are disabled due to an illness or on leave for maternity. Benefit periods are available for 3 months, 6 months, 12 months, or all the way up to 24 months with a maximum monthly benefit of $5,000.
Long term insurance benefits begin with period options of 2 years, 5 years, or 10 years and have a monthly maximum benefit of $10,000. If you do not qualify for Social Security or Worker’s Compensation, then with a Social Insurance Supplement Benefits Rider your maximum monthly benefit is $12,300.
Having disability insurance is very beneficial if you ever need it. Many employers offer group disability insurance, but even so the coverage may not be enough to suit your personal needs for income replacement. Disability insurance can be purchased from several highly rated insurance companies.
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