May Is Disability Insurance Awareness Month
Published: 05.07.2024
Disability Insurance Awareness Month 2024, also known as DIAM, is a great time to remind your clients about the importance of disability insurance.Selecting the right disability insurance plan is key. Our Specialty Benefits Team recognizes the value of disability benefits and helps brokers and their clients identify and evaluate disability plans to make sure employees have valuable coverage and income replacement when they need it most.
Learn how you can better assist your clients during Disability Insurance Awareness Month—and all year long!
What is Disability Insurance?
Disability Insurance—also referred to as Disability Income Insurance, Income Protection or DI—is a type of insurance that replaces part of your income in the event you become sick or have a mental or physical disability that prevents you from working. The amount of your income that is replaced is usually a percentage of your pay.There are two common types of disability coverage. This includes short-term disability insurance and long-term disability insurance.
Short-term vs. Long-term Disability Plans
The main difference between these two types of plans, as indicated by their names, is the length of the coverage period. Many short-term disability (STD) plans average around 3-12 months, while long-term disability (LTD) plans may provide coverage on average between 2-10 years.While it varies among disability insurance companies, short-term disability typically covers a greater percentage of your income, sometimes up to 70%. In comparison, long-term disability benefits usually replace roughly 40-70% of income but for a longer period.
For more details on the differences between plans, visit our Short-term vs. Long-term Disability Comparison Chart.
Disability Insurance Awareness Month (DIAM) Tips for Insurance Brokers
- Explain the importance of disability insurance: the value of financial protection for employees if they are not able to work.
- Review the different contractual language in disability policies. A thorough review can help you avoid potential claims problems.
- Provide resources to help manage employee absences, including the integration and administration of Short-Term and Long-Term Disability (STD & LTD), and state and federal Family Medical Leave (FML).
How does the Savoy Specialty and Ancillary Team help brokers and their clients?
Your most valuable asset isn’t your home, car or 401k—it is your ability to make a living.Savoy’s Specialty and Ancillary experts help brokers and their employer clients understand the role that income protection and disability insurance play in building a competitive benefits package and keeping employees safeguarded against the unexpected.
We work with top national disability insurance carriers and can assist brokers with:
- Providing disability insurance quotes
- Benefits implementation and ongoing support for group ancillary, voluntary and worksite benefits
- Guidance for specific federal and state regulations and plans
- Ongoing educational opportunities and specialty/ancillary-related CE topics
Contact our team today!
Celebrate Disability Insurance Month 2024 with a free consultation from the Savoy Specialty Benefits Team. Contact us today to get started![CONTACT OUR TEAM]
