According to Colonial Life, the benefits and features of the new voluntary group short-term disability plan will include: guaranteed coverage for companies; higher benefit amounts; coverage available for more people and optional benefit for psychiatric and psychological conditions.
Additional features of the new insurance plan will include: optional benefit that waives the elimination period for a hospital stay; employer-optional benefits; portability; consistency for multistate companies; and no coordination of coverage.
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Commenting on the launch, Colonial Life assistant vice president of product development, Steven Johnson, said: "In fact, 68% of adults have no savings at all earmarked for emergencies. Our new voluntary group disability plan allows employers to offer an affordable insurance plan to their employees, helping to provide a financial safety net many workers desperately need."
Colonial Life & Accident Insurance Company provides financial protection benefits through the workplace, including disability, life, accident, cancer, critical illness and supplemental health insurance.
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