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- Group Life & Disability Insurance
- Overview
- Term Life Insurance
- Long-Term Disablity Insurance
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- Personal Accident Insurance
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Long-Term Disability Insurance provides cash income in the event that you become disabled through illness or injury. You may receive up to 75 percent of your monthly gross income (up to $6,000 per month) while you are disabled. Three coverage options are available, so you can select the coverage and benefit period that best suits your needs and budget.
- How much long term disability insurance is recommended?
- Who provides the coverage?
- How much does this coverage cost?
- Who is eligible for the plan?
- Which waiting period should I choose?
- Which benefit period should I choose?
- How are pre-existing conditions handled?
- What happens if I have another disability policy in addition to this one?
How much long term disability insurance is recommended?
We suggest that you purchase a policy that will replace at least 60% of your current gross annual income (after business expenses). Please note that the NASW Assurance Service's program allows you to cover up to 75% of your monthly gross salary, up to a monthly maximum of $1,200 or $6,000 depending on the benefit design you select.
Benefits are payable for total disability for up to a specified period of time. Total disability means your inability, because of sickness or injury, to work for the first 60 months (24 months under the Select Plan) at your normal job; and following the first 60 months (24 months under the Select Plan) at any job that reasonably fits your background and training.
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Who provides the coverage?
Principal Life Insurance Company, which is part of the Principal Financial Group, a Fortune 500 company. Principal Life Insurance Company is rated A+ (Superior) by A.M. Best.
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How much does this coverage cost?
Premium rates are based on attained age, plan and coverage amount. Premium rates appear in the Group Insurance Application. To inquire on individual custom quotes or to receive more information, you can call NASW Assurance Services at 1-800-355-3869 ext 387, or the plan administrator, Benefit Services, at 1-800-526-0800.
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Who is eligible for the plan?
All members of NASW under age 65 who are employed on a full-time basis and have a satisfactory health history are eligible.
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Which waiting period should I choose?
The waiting period is the period of time between the beginning of an insured's disability and the time benefit payments begin. You should select a waiting period to coincide with the expiration of savings or short-term disability payments. NASW Assurance Services offers a twenty-eight (28) day and three (3) month waiting period for long-term disability. The waiting period must be comprised of consecutive days or months.
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Which benefit period should I choose?
Our disability income benefits periods are designed to meet the varying needs of NASW members.
The Basic Plan provides up to $1,200 a month in benefits after the waiting period has been satisfied for a period up to sixty (60) months if disabled because of an accident, or for up to twenty-four (24) months if disabled because of sickness.
The Extended Plan provides up to $1,200 a month in benefits, after the waiting period has been satisfied, until age 65 if disabled because of an accident, or for a period of up to sixty (60) months if disabled because of sickness.
The Select Plan provides up to $6,000 a month in benefits, after the waiting period has been satisfied, until age 65 if disabled because of an accident, or for a period of up to sixty (60) months if disabled because of sickness.
In no event does disability coverage continue beyond age 65.
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How are pre-existing conditions handled?
Benefits are not provided for disability for a sickness or injury which has required medical treatment during the twelve (12) months preceding the effective date of your insurance policy until twelve (12) consecutive months have elapsed during which no additional treatment and service is received.
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What happens if I have another disability policy in addition to this one?
The benefit payable under the policy is reduced by any income from other sources. Other sources are Workers' Compensation or other similar legislation, federal Social Security, employer sponsored programs providing loss of time benefits, employer retirement programs and other group disability insurance coverage.
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