Standard Insurance Company, a subsidiary of StanCorp Financial Group, has introduced a new long term disability insurance product for educators and other school employees to protect their incomes.
The Group Voluntary LTD (long term disability) from The Standard is claimed to pay employees a monthly benefit in the event they cannot work because of a covered illness or injury. The product provides coverage for disabilities that occur 24 hours a day, an employee assistance program (for customers with 10 to 2,500 covered employees) and automatic premium payments via payroll deduction.
This Voluntary LTD insurance is also claimed to allow employees to choose their benefit amount in increments of $100 up to 66% or two third percent of their pre-disability earnings. The product also offers a choice of benefit waiting periods and maximum benefit periods.
Jane Hood, vice president of employee benefits marketing at Standard Insurance Company, said: Voluntary LTD Insurance for Educators and Administrators helps shield employees, their lifestyles and those who count on them from the unexpected loss of income. And, as a popular employee benefit, LTD insurance can help attract and retain educators and administrators.