In addition to group health insurance, many employers enhance their employees compensation package by offering benefits such as: Group life, accidental death and dismemberment, short and long-term disability. Under Section 125 of the Internal Revenue Code, many times these kinds of programs can result in tax advantages for both employers and employees.
Group Life Insurance allows employees to purchase life insurance at a group rate, usually without any medical underwriting. Some policies are tied to the employees salary and some are a flat dollar amount.
Accidental Death and Dismemberment policies make payments for a pre-determined list of tragedies that may be incurred on and/or off the job.
Short-Term Disability pays a percent of salary should an employee become temporarily disabled. Policies usually cover a period up to 6 months. Group STD policies are guaranteed issue, meaning no medical exam is required to enroll. However these plans do have other enrollment requirements that are imposed on the overall group.
Long-Term Disability picks up where STD leaves offcovering disabilities of longer duration usually paying benefits until the insured reaches age 65. (The exact duration of the coverage is specified in the groups contract.)
Key-Man Life Insurance is purchased by a firm on the life of a key employee. The motive being protection against monetary loss resulting from the premature death of an employee whose skills have a significant and/or unique effect on the firms profitability or day-to-day operations. The policy indemnifies the firm for the loss and makes it possible to finance the replacement of the key individual.
All of these products can be obtained in addition to, or exclusive of, a group health benefit package. If you like, one of our representatives can contact you to discuss exactly what kind of package would be best for your group. Fanelli, Harley, Harper & Associates is capable of shopping the market for the best carrier and product for your group based on your industry, age of your group and number of employees.
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Fanelli, Harley, Harper & Assoc., Ltd.
42 East Lancaster Avenue, Suite 101
Paoli, PA 19301