Guarantee Standard Issue Disability
Guaranteed Standard Issue Disability Plans in Cedar Rapids IA, Iowa City IA, and across the state and country.
Many companies offer a disability insurance benefit to their employees. By doing so, they create a way for employees to receive income replacement if they sustain a disability or chronic illness that prevents them from working. This helps to ensure that the employee and his or her family won’t face a financial hardship during this period.
Though employers can choose from a variety of disability insurance options, one of the easiest ones to manage and maintain is a guaranteed standard issue (GSI) disability policy. It allows employees to enroll in benefits, even if they couldn’t qualify (due to eligibility issues, medical issues, etc…) for a plan otherwise.
If you are interested in pursuing this benefit for your company or learning more, contact Brokerage Solutions, Inc. We offer quality group and individual disability insurance benefits designed to meet the needs of all employees in convenient ways.
Call us at (319) 393-9410 for more information, or just request your free policy quote now!
Common Guaranteed Standard Issue Disability Insurance Questions
What is guaranteed standard issue disability insurance?
Guaranteed standard issue disability policies are designed for a company’s employees regardless of the participant’s specific insurance risks. They eliminate the extensive underwriting and application process often required for individual disability policy applicants.
During a traditional disability insurance application process, the applicant usually must undergo medical testing and provide other documentation to qualify for a policy. A guaranteed issue policy eliminates most of these requirements. Any applicant can enroll in these policies through their employer, and generally won’t have to worry about being turned down for coverage.
Who needs guaranteed standard issue disability insurance?
A guaranteed standard issue policy is a great benefit for individuals who might have pre-existing conditions or work in high-risk occupations. Because of these risks, they might not be able to qualify for a traditional disability insurance policy. By providing a guaranteed standard issue policy, employers can ensure that employees have access to a critical piece of protection. It’s often a great bargaining chip for your hiring and retention processes.
Additionally, this is often a great benefit for highly compensated employees. Many standard group long-term disability plans will only pay a percentage of the employee’s total pay as a benefit. If you offer an employee a GSI plan in addition to a group long-term disability plan, then you can often enable them to receive additional benefits and recover more of their lost income.
How much are GSI plans?
Majority of GSI plans include a 10% - 20% premium discounts which makes them more affordable than a traditional disability plan. Most employee participants can have a portion of their paycheck deducted each period to cover this premium cost. Therefore, they won’t have to worry about paying a separate premium later.