US-based Colonial Life & Accident Insurance has introduced new individual short-term disability insurance product, which will allow workers to protect their families.
The firm already provides disability insurance that will help employees to protect their families when they become sick or hurt and are unable to work.
The new individual disability product will provide coverage to individuals up to the age of 74 and at more competitive pricing to make the product affordable.
It will also offer more options when coverage starts, allowing employees to limit gaps in financial protection, and the feasibility to increase coverage amounts at subsequent enrollments without health questions.
Colonial Life product development vice president Steven Johnson said: "Few of America’s workers are financially prepared for the unexpected.
"In fact, 66% of adults would find it difficult to pay bills if their paychecks were delayed for even one week."
The new product also covers psychiatric and psychological conditions, as well as offer disability benefits from the first day of a hospital stay.
It provides cover to employees disabled at work and off the job, employees unable to execute their own job, and to those who want to take the cover with them to new jobs without a rate increase.
Currently, the firm is providing the new disability product in 31 states of the US and plans to expand it to the new states.
Image: Colonial Life has launched new individual short-term disability insurance product for workers. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.