Standard Insurance Company, a subsidiary of StanCorp Financial Group, has launched All In One Disability Insurance that combines group short term and long term disability coverage in one package.
The company said that the new insurance gives employers with convenience of administering one plan instead of two while helping their employees protect their incomes when partially or totally disabled.
According to Standar, the new insurance policy offers an own occupation definition that includes a refined own job period, which is based on a claimant’s particular job with their employer, a 90-day preexisting condition waiver where benefits are payable up to 90 days even if disability was caused by a preexisting condition, and it is available to any employer with 10 or more employees.
In addition, the new plan also offers a rehabilitation plan provision to help with expenses such as job searching, training, education and family care. A reasonable accommodation expense benefit is also included to reimburse employers for worksite modifications made on behalf of disabled employees.
The company said that the plan for groups with 10 to 2,499 insured employees includes a confidential employee assistance program (EAP) provided through an arrangement with Horizon Health. The EAP helps employees and their families address problems such as stress and anxiety, financial and legal concerns, alcohol and drug abuse and child or elder care.
Luce Giroux, second vice president of product management at The Standard, said: “All In One Disability allows employers to offer robust disability benefits while easing their administrative burden. Employers have the flexibility of choosing employer-paid or employee-paid plans, as well as options to tailor the coverage to the specific needs of their employees.”