The Principal Financial Group has launched Basic Short-Term Disability to provide protection from the unexpected for more employees with a lower-cost option to its standard disability products.
The Basic Short-Term Disability can be used as employer-paid or voluntary benefit and provides disabled employee a weekly benefit of up to $500 while covering essential bills such as utilities, loans or simply groceries.
The Principal disability assistant product director Tyler Matheny said: "Disability insurance doesn’t need to be complicated, which is why we’re introducing a simple, easy way for employers to offer their employees protection against the unexpected."
The new platform simplifies enrollment and ongoing administration with the elimination of details of employees such as salary, occupations and regular updates but only gender and date of birth information are required.
The Basic Short-Term Disability can serve as an alternative to the standard short-term disability product for the employees.