Molyneaux Insurance
  • The Molyneaux Way
    • Trumps and Tricks Euchre Event
    • ClearPath™
    • Our Team
    • Privacy Policy
  • Business
    • Employee Benefits >
      • Education and Compliance
      • Share to Compare
    • Risk Management
    • Claims Management
  • Industries
    • Franchises and Associations
  • Personal
  • Contact Us
  • Careers
    • Open Positions
  • Blog
  • The Molyneaux Way
    • Trumps and Tricks Euchre Event
    • ClearPath™
    • Our Team
    • Privacy Policy
  • Business
    • Employee Benefits >
      • Education and Compliance
      • Share to Compare
    • Risk Management
    • Claims Management
  • Industries
    • Franchises and Associations
  • Personal
  • Contact Us
  • Careers
    • Open Positions
  • Blog

​Molyneaux ​Blog

Disability benefits: are your executives protected?

6/29/2020

 
Disability benefits - Molyneaux
Typically, employers rely on generous compensation package to attract and retain key employees. However, the important role employee benefits play is often underestimated. In fact, employee benefits are a powerful part of any employee’s compensation, including highly compensated employees.

Having a high income does not preclude concern about personal financial risk. MetLife’s Annual Employee Benefit Trends study reveals that 42% of highly compensated employees are very concerned about the financial effects of a loss of income in the event of a disability.
​
What employers may not realize is that highly compensated employees could be at a disadvantage when it comes to employer-provided group benefits – especially income protection benefits. Typical group income protection benefit plans fall short for highly compensated employees, exposing them to critical coverage gaps.

An executive carve-out program is one cost effective solution. This strategy creates a pool of highly compensated employees and provides higher coverages and tax advantages, while leaving the group plan untouched.

Individual disability income protection is another option. When combined with a group long term disability plan, an individual disability income policy provides employees an opportunity to insure income beyond the group plan maximum. These policies are portable and can often be customized with options such as cost of living adjustments and /or catastrophic disability benefits.

Benefit maximums, tax implications, and covered compensation limitations can result in benefits that are far less than expected at claim time. Carve out and individual programs are an efficient way to solve the challenge without straining the benefits budget or resources.

Employers that recognize and take steps to close the coverage gap not only help to satisfy and retain key employees, they have an advantage when competing for critical talent.
​

Comments are closed.

    Categories

    All
    COVID 19
    Cyber Security
    Directors And Officers
    Employee Benefits
    News
    Personal Insurance
    Property And Casualty
    Risk Management
    Trumps & Tricks
    Wellness
    Workers Compensation

    Archives

    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    November 2017
    September 2017

Company

About Us
Our Team
​Trumps & Tricks
Testimonials
Careers
​News
Privacy Policy

Services

​Commercial Insurance
Risk Management
Employee Benefits
Group Health Insurance

Retirement Benefits
​Personal Insurance

Industry Specialization

Contact Molyneaux

​​5025 Utica Ridge Road
Suite 100
Davenport, IA 52807
​101 East Main Street
​
Suite 202
Galesburg, IL 61401
Phone: 563-324-1011 
Toll Free: 800-713-6930

Partner Agencies

LMC Insurance & Risk Management Logo
Independent Insurance Services Logo
Molyneaux Logo
The Friedman Group Logo
© COPYRIGHT 2021 Molyneaux Insurance