Colonial Life enhances individual STD plan
Redesigned Disability 1000 plan covers broader range of people, higher monthly benefits
COLUMBIA, S.C. (Oct. 15, 2012) — Colonial Life has enhanced the benefits available on its Disability 1000 individual short-term disability insurance plan. The redesigned plan allows brokers and agents to offer higher monthly disability benefits, improved guaranteed issue options and simplified underwriting to their clients.
“The changes we’ve made to our individual Disability 1000 plan bring stronger income protection to more working Americans,” says Steven Johnson, assistant vice president, marketing and products, for Colonial Life. “Brokers and agents will be able to offer an increased maximum monthly benefit to their clients, reach a broader range of clients and enjoy a simplified enrollment process.”
With the enhancements made to the Disability 1000 plan, brokers and agents can offer their clients the following benefits and features:
- Coverage for a broader range of people. The enhanced plan offers coverage for individuals at various income levels, with an increased maximum monthly benefit of $6,500.This new benefit amount is available to both new and existing accounts, and is especially attractive to higher income earners who need more income protection. The plan offers disability income replacement levels up to a maximum of 60 percent of income.
- Income replacement for more workers. The plan makes it easier for more individuals to obtain coverage with its improved guaranteed issue options. Disability 1000 now offers an increased maximum monthly benefit of $4,000 for post-enrollment guaranteed issue and guaranteed issue. For post-enrollment guaranteed issue accounts, underwriting health questions will be waived as long as at least five applications are submitted or 10 percent participation is achieved (whichever is greater). Guaranteed issue accounts require no health underwriting. For guaranteed issue accounts that achieve 15 percent participation, brokers and agents can continue offering guaranteed issue coverage to newly hired eligible individuals.
- Simplified enrollment process. Disability 1000 offers simplified underwriting when the monthly benefit amount is $4,000 or less, which streamlines the enrollment experience for more individuals since fewer or no health questions are asked.
- Greater flexibility with on- and off-job coverage. Individuals can choose from off-job coverage or on/off-job only coverage, with lower benefits for on-job coverage for employers who want to avoid overinsurance with workers’ compensation.
- Incentives to return to work. Partial disability benefits encourage employees to return to work sooner.
- “Your job” disability definition. Individuals receive benefits if they become disabled and are no longer able to perform their own jobs—not any job—as some coverage by other companies dictates.
- Portable coverage. Individuals can take this coverage with them if they leave or change jobs.
For more information about Colonial Life’s Disability 1000 individual short-term disability insurance plan, call 803.798.7000 or visit www.ColonialLife.com. Pre-existing exclusions and limitations will apply. Benefits vary by state and may not be available in all states.
About Colonial Life
Colonial Life & Accident Insurance Company is a market leader in providing financial protection benefits through the workplace, including disability, life, accident, dental, cancer, critical illness and hospital confinement indemnity insurance. The company’s benefit services and education, innovative enrollment technology and personal service support more than 80,000 businesses and organizations, representing more than 3 million of America’s workers and their families. For more information visit www.coloniallife.com or connect with the company at www.facebook.com/coloniallifebenefits, www.twitter.com/coloniallife and www.linkedin.com/company/colonial-life.