Insuring worker’s paychecks has never been easier. Field quoting rate estimation is not rocket science.
Back in the day when delivering health insurance renewals I would always ask “Mr. Employer, do you insure your employee’s paycheck?”
When the answer was invariably “No” I would say “We can insure all your employee’s paycheck that will pay them 2/3 of their income all the way to age 65 after a 90 day waiting period for less than 1% of your payroll.”
With that they would reach for their desk calculator and punch in some numbers, muse at the results, and then say “Let’s do it!”
Many employers do not offer group or individual disability insurance for their employees. Yet, statistics show that the need is higher than group term life insurance, which most employers offer.
Group disability insurance cost averages 1% of payroll while individual payroll deducted disability insurance averages 1-5% of one’s gross monthly salary (rates based on each individual’s age).
