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Perspective on Disability Insurance for Highly/Variable Compensated Employees

Perspective on Disability Insurance for Highly/Variable Compensated Employees
May 9, 2012 at 11:00 - 12:00 PM ET
Alfred V Norton III, Registered Representative(Charter Oak Insurance and Financial Services Co.)
The American College and MassMutual commissioned the study, Employer Perspectives on Disability Benefits, in order to better understand what employers are offering in disability coverage and to identify potential shortfalls and gaps in these offerings. The study was conducted by the Boston Research Group, a leading strategic market research and consulting firm specializing in the financial services industry. Benefit managers, or those most familiar with their company’s group long term disability plan, were interviewed by telephone. From a list of the 3,000 largest companies, 316 interviews were completed. Key findings overview highlights the responses of the companies interviewed for this study.

Overview of findings will be presented including the Base Disability Plan, Potential Coverage Gaps, the ability to purchase Buy-Up coverage within Group Plans and finally the purchase of Supplemental Individual Coverage.

Topical highlights include the following:
Base Disability Plan-the typical benefit amount of a group disability plan is less than the employee’s salary – 60 percent on average. In most cases, the benefit is taxable – further reducing the amount an employee would receive.
Potential Coverage Gaps- variable compensation (such as bonuses) in most cases are not covered.
Buy-Up Disability Coverage-For employees of most companies, the somewhat limited base plan is the only option. However, a few companies offer “buy-up” coverage, paid for by the employee, usually with after-tax dollars.
Supplemental Individual Disability Coverage- Supplemental individual coverage offers the opportunity to customize a long-term disability solution for an individual to help meet his or her unique needs.

Generally speaking, benefits managers regard their group long-term disability plan as an important part of their company’s benefit package. However, they feel that employees don’t necessarily feel as strongly. Insurance is an intangible product that can’t be seen, felt or tasted. Experienced benefits managers are more likely to have observed real-life cases of disability claims and understand the difference insurance can make to an individual and his or her family.
What makes a good group long-term disability plan? It depends on many things, such as a company’s size or its culture. Disability coverage offers a combination of many options to help protect an employee’s ability to earn an income. Plan decisions are best considered carefully and re-evaluated frequently.

Who Should Participate
Employee Benefit Managers and Human Resource Executives of Professional Service Firms or any company which include Highly or Variable Compensated individuals wherein the Base Disability Plan is not sufficient to cover the risk of lost income. Companies that come to mind are Law/Consulting and Accounting Firms. Also Investment Companies including Banks, Investment Brokerages and Hedge Funds.
What You Will Learn
I: Brief overview of current USA Disability Insurance Market. II: Benchmark results for Corporations purchasing Disability Insurance with employee range from 2,300 to 29,000 III: Evaluating methods of closing gaps for Disability limits applicable to high/variable wage earners
Recommended Resources
Voluntary Benefits
Medical Benefits
Long-Term Disability
Benefits - Cost Containment, Audits and Legal Risks
Presented by
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Alfred V Norton III
Charter Oak Insurance and Financial Services Co.

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Event Sponsors
Charter Oak Insurance and Financial Services Co.
Charter Oak Insurance and Financial Services Co. (Charter Oak) serves more than 70,000 clients across the Northeast and beyond.
File List
Name Comment Rating
Image of Keith Hester Keith Hester
alma mater society of university of british columbia
3 / 5
Good Presentation
Image of Tara Dadwah Tara Dadwah
CCAC - Community Care Access Centre
4 / 5
Very Good Presentation
Image of Valorie Sledge Valorie Sledge
Valiant Solutions
5 / 5
Excellent Presentation
Image of Marie Weldon-Lopez Marie Weldon-Lopez
New York Yankees
5 / 5
Excellent Presentation
Image of Dalene Crowder Dalene Crowder
Verizon Telecom
4 / 5
Very Good Presentation
Image of Barbara Bucina Barbara Bucina
Northstar Aerospace - Chicago
3 / 5
Good Presentation
Image of Jo Beth Barton Jo Beth Barton
Ji Specialty Services
3 / 5
Good Presentation
5 / 5
Excellent Presentation
Image of Angela Robinson Angela Robinson
Laurus Strategies
5 / 5
Excellent Presentation
Image of Kate Braun Kate Braun
U.S. Cotton, LLC.
2 / 5
Poor Presentation
Image of Julie Tatum Julie Tatum
CPS Energy
Presentation information and slide desk is great. While it's difficult to speak to an audience via webinar the speaker should incorporate some interactive questions / polling -- or try to engage the audience and vary the tone of his voice as it was hard to remain engaged for the full hour. 3 / 5
Good Presentation

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