Disability is
the largest single exposure to individuals, however it is not insured on the same scale as
life insurance. This is true because disability insurance purchased individually is very
expensive. Employees therefore look to employers to provide disability insurance on a
group basis.
FSIA offers
the Group Long Term Disability Insurance Program insured by The Hartford Insurance Group.
The program offers a number of plan design options. This allows each participating member
bank to design a group long term disability insurance plan that fits their benefits
requirements while not busting its budget. Participating member banks enjoy a significant
savings as a result of the aggressive underwriting standards that The Hartford applies to
the pooling powers of the Association. The result is a better benefits plan design for
each participating member bank at greatly reduced costs.
The program
offers a computerized billing system which tracks employee eligibility for plan
participation as well as year-end W-2 reporting choices.
Several
options are offered including Supplemental Long Term Disability plans (employee paid up to
75% of salary replacement), Supplemental Executive Disability Plans (covering salary in
excess of the group disability maximum) and Short Term Disability plans (covering sick
leaves beginning as early as the seventh day of illness). |
