Having disability insurance offered to employees is always a great addition to any comprehensive employee benefits package. In fact, if you think about what employees want most, it’s having ample insurance opportunities and selections available to them to choose from — especially those supplemental benefits that might not be needed all that frequently but could be beneficial at some point in an employee’s life overall. For the most part, employees can greatly benefit from investing in disability insurance as part of their benefits package, if offered. The reality is, disability insurance is hugely beneficial for a number of different reasons. Ultimately, while determining the best type of disability insurance policies to sign up for, it can be quite daunting and difficult to parse through all the complicated language. Here is a helpful guide to help you determine what to look for and the optimal questions to ask when deciding on the ideal disability insurance policy for your specific needs.
Defining Income Within Your Policy
Overall, it is imperative that you consider the various sources of income that might actually be covered with a disability insurance policy. In fact, coverage may potentially include income based on the following: salary, bonuses, commission, overtime, and retirement plan contributions as well. The reality is, given that all these various potential income sources are potentially covered, it becomes increasingly important to understand what the definition of income is based on the specific policy you intend to sign up for generally. Ultimately, when reviewing a new policy or looking through your current coverage, it’s important that you consider a few key things to make sure that you have the most optimal disability insurance policy available for your specific needs.
Defining Disability Within Your Policy
Now, after you explore the definition of income within your policy, it becomes ideal to look at what the term disability is actually defined as within your policy as well. In fact, understanding the difference between partial and full disability coverage is a key component to determining the best type of policy for your unique needs. The reality is, beyond partial or full disability coverage, it’s key to understand the specific language around any-occupation or own-occupation. Ultimately, these definitions of disability will help guide you towards the best policy for your needs.
Partner with Malden Solutions Today
Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter, Facebook, and Linkedin.