Group Life Insurance
A good life insurance policy provides for an employee’s final expenses, taxes, mortgage and even their children’s education as well as offering additional benefits, and can be employer paid or voluntary. Anderson & Kime helps employers protect their employees and their employees’ families with a variety of different life insurance products.
Term Life Policy: Life insurance that does not build cash value, but will pay a set amount to the named beneficiary upon the death of insured within the stated term. Some policies may also make payments upon terminal or critical illness.
Short-Term Disability (STD): During the time an employee is unable to work due to a qualifying disability (illness or injury), STD generally allows for income payments to the employee to begin after a two-week waiting period. STD will continue to pay the employee until he/she recovers or maxes out the benefits- usually anywhere between one month to two years, depending on the policy.
Long-Term Disability (LTD): During the time an employee is unable to work due to a qualifying disability (illness or injury), LTD generally allows for income payments to the employee to begin after about a 90-day waiting period, although it could be much longer depending on the policy. LTD will continue to pay the employee far longer than STD- for a few years, up to age 65, or even for life.
Note: STD and LTD are also offered as voluntary supplemental insurance if the employer does not offer as an employer paid benefit.
