Monday, May 13, 2013

The Best Voluntary Short Term Disability in the Market

By Dominic Siciliano

Former NAHU President, Mel Schlessinger, once proclaimed Companion Life’s Voluntary STD product the best in the market.  I happen to agree with him and here are the reasons why:

1.  Entry Age Freeze--once a member purchases this product he/she will always be considered by Companion to be that age.  This means simplicity for HR people and no hassle of updating age chart every year.

2.  Employer chooses the plan design but the employee chooses the weekly benefits.  The employee chooses what he/she can spend monthly from the paycheck and can always buy up.

3.  Guaranteed Issue at initial open enrollment and a waiver of pre-ex in a takeover situations.  This product should replace Aflac STD in every one of your groups.

4.  Minimum of 5 enrolled required for a group above 10 eligible and minimum 3 needed for a group below 10 eligible.

5.  Maternity and Mental Health treated as standard disability.

6.  Flat 15% commissions plus a bonus in 2013 for selling voluntary life along side.

Details of this program can be found here or if you'd like to have a discussion in your office, call 888.313.9571 to set up an appointment.

Consider This. . .

In a 10 person group, let’s say four people enroll in the benefit.  Employee 1 purchases a $350 weekly benefit for $32 monthly while Employee 2 purchases $700 for $64 monthly.  The other two total another $90 for roughly $182 monthly.  You make an extra $27 monthly on the case so your four person group just became a five person group. 

Multiply this by 10 and you have a 100 person group.  40 people take the benefit for a $2000 monthly bill.  You make $300 monthly and $3600 annually on the benefit.  That’s just like adding a small group to your book of business.

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