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Disability

Disablility


We help you purchase the disability insurance that best fits your needs. We can help you with…

Disability Insurance to provide income when a person loses the ability to work and produce income because of either accident or illness. This also includes those times when through either extended sickness or accident a person loses the ability to generate income over a very long time. Disability insurance comes in two major categories: Short Term Disability (STD) and Long Term Disability (LTD).

STD and LTD insurance policies can be purchased on an individual policy basis or in an employer group method. In the “Group” purchase mode, group policies generally have a much lower premium rate for each individual. However, the policy options and ownership features present in the individual policy are generally not available in group plans and the premium difference is justified by these features.

Both STD and LTD have “waiting” or “elimination” periods. These periods help reduce the premium cost as with STD, nominally “0/7” wait is used. “0/7” means that the disability benefit is paid for the first day of disability resulting from accident and following 7 days of disability or on the 7th day of disability, depending upon the insurance contract. STD contracts are often referred to as “Loss of Time” plans as they cover shorter intervals of lost income generally less than in one year, and typically the STD benefit is 66.667% of prior weekly income.

Long Term Disability (LTD) covers the loss of income resulting from a long term/”permanent” disability. LTD benefits are normally a monthly income benefit and are paid during the month following disability, after the contract elimination period. This elimination or waiting period is defined by the insurance carrier, and could be as short as 90 days or 13 weeks (nominally 3 months), is regularly 180 days, 26 weeks (6 months) and may be as long as one or two years, again depending on the insurance contract.


Additionally, “Disability Insurance” is provided within the structures of Worker’s Compensation Insurance or “Workers Comp”. Workers Comp has a form of disability insurance that is required by state mandate to be purchased by employers for each employee, with the rates being adjusted by each employee’s job classification, as well as the employer’s loss experience rates. Workers Comp provides a benefit only for disability, etc. resulting from issues occurring in the workplace. Additionally, in some jurisdictions Workers Comp covers accidents in other venues or en route to the place of normal employment. Further, state mandated minimum disability insurance is required in five states: NJ, NY, CA, RI and HI.

Your choice of policy type can be decided upon after an analysis of your needs as well as the anticipated setting in which you and the policy will function. We will help you to design a plan that will provide you with the features you desire - and a plan you will be able to keep… and/or adjust as the various parts of your life setting changes.

 

NOTE: The TriniCore Company has developed a “tax-preferred”, “in-force” approach to help protect many “uninsurable” executives from either serious income loss or capital depletion during a period where they experience loss of abilities as the result of accident or illness; and especially those which occur during a period of employment interruption.


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