Importance of Group Disability Protection Benefits
Author: Lincoln Financial Group
Published: 2011-04-29 : (Rev. 2013-06-14)
Synopsis and Key Points:
A sudden loss or interruption of an income stream due to a disabling illness or injury is a great financial risk.
Main DigestDisability Insurance Awareness Month is a Call to Action, Reminding Americans to Protect Their Paychecks.
To help raise public awareness of the need to protect one's income with disability insurance, Lincoln Financial Group (NYSE: LNC) is supporting Disability Insurance Awareness Month this May. Together with the Council for Disability Awareness and LifeHappens.org - organizations dedicated to raising awareness about the risks and consequences of disability - Lincoln will highlight the importance of disability protection and its group disability portfolio throughout the month-long initiative.
"A sudden loss or interruption of an income stream due to a disabling illness or injury is a great financial risk, and one that many Americans cannot afford to take," said Mark Konen, President, Insurance & Retirement Solutions. "Lincoln Financial Group maintains a commitment to educating all wage earners on the true value of disability insurance and the income protection it offers for today and tomorrow."
Many Americans are not prepared to handle the financial costs of a disability, and have not adequately prepared by having private disability insurance protection in place. Additionally, some falsely assume that worker's compensation will provide the coverage necessary when faced with a disability. Disability insurance can provide the replacement income and coverage for injuries and illnesses that occur outside of the workplace, as this income and coverage are needed.
"Disability insurance helps individuals meet their basic living needs during a disabling event and helps bridge the gap between the need for income protection and the actual coverage - or lack there of - many have in place," said Dave Swanson, Vice President, Product Operations. "It is critical that individuals assess their financial situation and explore all disability coverage options available. In many cases, employer coverage is provided and sufficient to meet income replacement needs, preserving individual savings accounts and retirement plans in the event of a disabling event."
Disability insurance is intended to replace or supplement income while employees are out of the workplace due to a covered disabling injury or illness, and helps to address basic, physical needs including daily living expenses. Lincoln Financial Group's disability insurance products and services offer attractive benefits with a variety of funding options, including short-term disability (STD), long-term disability (LTD) and Family and Medical Leave Act administration. Product flexibility and support is also offered to employees through accumulation of the elimination period, progressive partial disability benefits, rehabilitation assistance and recovery benefits. Optional benefit riders are available to cover medical premiums and retirement plan funding. Through Lincoln's educational materials and ongoing guidance, employees receive the support they need to make smart benefit decisions and return to the workforce if and when ready.
Lincoln's disability coverage is implemented by Lincoln's I-Team(SM), which creates a seamless and streamlined implementation process. This offers employers further simplification of the administration process and shortened time cycles for the issuance of policies in Lincoln's Group Life and Disability product lines.
Lincoln Financial Group is a founding member of the Council for Disability Awareness (CDA), a non-profit, educational organization that is dedicated to raising awareness about the risk and consequence of disability. Sandy Callahan, Senior Vice President, Group Protection Operations currently holds a board position with the CDA. Lincoln is also a supporter of LifeHappens.org, a group of prominent financial industry and advocacy organizations that have joined together to raise public awareness of the need for comprehensive retirement planning.
Additional disability insurance educational materials and resources, tips and interactive tools can be found online at www.lifehappens.org. Visit the CDA's website at www.disabilitycanhappen.org and learn about the resources, marketing materials and educational tools that CDA makes available.
Group insurance products are issued by The Lincoln National Life Insurance Company (Fort Wayne, Ind.), which does not solicit business in New York, nor is it licensed to do so. In New York, group insurance products are issued by Lincoln Life & Annuity Company of New York (Syracuse, N.Y.). Both are Lincoln Financial Group companies. Product availability and/or features may vary by state. Limitations and exclusions may apply.
About Lincoln Financial Group -Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. With headquarters in the Philadelphia region, the companies of Lincoln Financial Group had assets under management of $162 billion as of March 31, 2011. Through its affiliated companies, Lincoln Financial Group offers: annuities; life, group life, disability and dental insurance; 401(k) and 403(b) plans; savings plans; and comprehensive financial planning and advisory services. For more information, including a copy of our most recent SEC reports containing our balance sheets, please visit www.LincolnFinancial.com
- 1 - Action Needed to Address Social Security Disability Insurance Finances : The National Academy of Social Insurance (2013/05/24)
- 2 - Disability Insurance Services Campaign: What Will You Say : Disability Insurance Services Inc. (2011/04/25)
- 3 - Critical Illness Insurance : Frank N. Darras (2009/10/28)
- 4 - Benefits of Travel Insurance : Greath Owen (2008/12/29)
- 5 - How to File a SSDI Claim : Allsup (2010/01/08)
- 6 - United States Senate Finance Committee to Investigate Long-Term Disability Insurance Claims : Disability Attorneys Dell & Schaefer (2010/09/24)
- 7 - Health Insurance Options for the Self Employed : Disabled World (2009/02/05)
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