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Group disability insurance is a policy that covers you in the event you become disabled and sometimes partially disabled. If it is a"group" policy, you are perhaps purchasing coverage through your employer.
Once an elimination period is met, you will receive monthly payments from the insurer based on the coverage you purchased. There are many reputable and reliable insurers that offer affordable disability coverage.
Group Disability Insurance is disability insurance coverage offered to a group of employees through their employer or entity for which they work. It is one of the benefits offered to some employees. If the employer pays the Disability Group Insurance premiums for the employee, disability income benefits would be taxable to the employee when used.
Employers can offer many group benefits to their employees. Group disability is generally short term disability with a modest monthly benefit during times of critical illness or recovery from injuries on or off work, in contrast to workman’s comp. Group benefits count in the total coverage for individual disability coverage.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
What is group disability insurance? Generally group disability is a employer sponsored benefit plan provided as a benefit for employees of the company that provides coverage "off" the clock and for illness. Group disability can be employer paid or employee paid (voluntary participation). Is it a good thing to have? Yea, it provides coverage away from work or if you get sick. It is paycheck protection. That can't be that bad.
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Once an elimination period is met, you will receive monthly payments from the insurer based on the coverage you purchased. There are many reputable and reliable insurers that offer affordable disability coverage.