Group Short Term Disability (STD) is an employer provided benefit that is designed to assist an employee in replacing income, on a short term basis, lost as a result of a disability. The method in which most insurance companies use to calculate the percentage of replaceable income usually falls in the range of 60% of gross weekly income. The goal being that the STD plan is designed to replace a portion of an employees lost income that is close to the employee's after-tax take home pay. The following are some provisions that make up the bulk of a Short Term Disability contract:
Family Benefits Package:
Provides career adjustment, child care and higher education benefits* to family members of insured
employees who die as a result of an accident
Seat Belt Benefit:
Pays a benefit equal to the amount of the AD&D benefit, up to $10,000, to beneficiaries when an employee dies in an automobile accident while wearing a seat belt
Air Bag Benefit:
Provides further protection in the event of a covered automobile accident for which the Seat Belt Benefit is payable.
Travel Assistance: - Provides a broad range of support to your clients' employees who travel 100 or more miles from home with a 24 Hr Multi-Lingual Access Internationally.
Emergency Evacuation - Secure authorization for treatment & Transport.
Repatriation of Remains - Secure Government Authorization & Transport of Remains.
Paralysis - Insured who suffer a covered injury resulting in quadriplegia receive the Principal Sum; in paraplegia, 75% of the Principal Sum; and in hemiplegia, 50% of the principal Sum.