Importance of Group Disability Protection Benefits

Disability Insurance

Author: Lincoln Financial Group
Published: 2011/04/29 - Updated: 2022/04/13
Contents: Summary - Introduction - Main - Related

Synopsis: Disability insurance can provide the replacement income and coverage for injuries and illnesses that occur outside the workplace, as this income and coverage are needed. 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. It is critical that individuals assess their financial situation and explore all disability coverage options available. In numerous instances, 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.

Introduction

To help raise public awareness of the need to protect one's income with disability insurance, Lincoln Financial Group is supporting Disability Insurance Awareness Month this May. Together with the Council for Disability Awareness and Life Happens - 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.

Main Digest

"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 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 thereof - 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 numerous instances, 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.

Attribution/Source(s):

This quality-reviewed publication was selected for publishing by the editors of Disabled World due to its significant relevance to the disability community. Originally authored by Lincoln Financial Group, and published on 2011/04/29 (Edit Update: 2022/04/13), the content may have been edited for style, clarity, or brevity. For further details or clarifications, Lincoln Financial Group can be contacted at LincolnFinancial.com. NOTE: Disabled World does not provide any warranties or endorsements related to this article.

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Cite This Page (APA): Lincoln Financial Group. (2011, April 29 - Last revised: 2022, April 13). Importance of Group Disability Protection Benefits. Disabled World. Retrieved July 23, 2024 from www.disabled-world.com/disability/insurance/importance.php

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