Your Clients Need the Best Long Term Disability Insurance

In any industry, employees represent the company’s greatest resource. This is true in your insurance agency, and also for the customers you serve. The DBL Center has been heavily focused on short term disability insurance in NY State recently, as we continue into the third year of Paid Family Leave coverage while having to contend with Covid-19 related claims.

But temporary disability benefits in New York should also include long-term disability insurance. If you aren’t using the DBL Center’s carrier relationships to up-sell the best long term disability insurance, you’re leaving profits on the table.

Help Your Customers Keep Employees by Offering the Best Long Term Disability Insurance

In January, the U.S. Census Bureau reported that NY state lost 1.4 million residents since 2010, and is one of only 10 states to see their population drop between 2018 and 2019. And that was before the pandemic caused many NYC residents to leave for suburban regions – in NY State or beyond.

In a recent post, Kelvin Joseph of Kool Kel Marketing discussed saving business owners money and helping them increase profitability. Long term disability insurance and other ancillary benefits packages have been shown to increase employee retention, which saves both time and money.

If your customers want to keep their top employees in New York, they need to offer the safety net and peace-of-mind long term disability insurance, or disability income (DI) insurance, provides.

Statutory Temporary Disability Benefits in New York Don’t Pay Enough for Most Workers

Through NYS DBL, employers must provide statutory disability insurance in NY state. But the benefits fall short of the cost-of-living in most regions of the state. A benefit increase would undoubtedly result in a premium increase, and employers would bear most of this burden. Plus, short term disability runs out after 26 weeks, which may not be enough time to recover from many injuries or illnesses.

So, what’s the solution to give New York workers and business owners the long term disability income they need?

The DBL Center gives our brokers access to the best long term disability insurance available in New York. Once you get your foot in the door with an affordable, private DBL policy, upsell your customers to long term disability insurance.

You can provide a choice of plans to your customers to fit their needs and budget:

  • Voluntary benefits packages, which are fully funded by employees using pre-tax dollars
  • Contributory plans, which are cost-shared between the employee and employer
  • Non-contributory plans, which are fully paid for by the employer.

In a non-contributory plan, the executives in a company can use the benefit as a tax deduction and receive a tax free benefit if they ever need to file a long term disability insurance claim in NY State.

Plans have a benefit maximum of $15,000 per month, covering up to 60% of an individual’s salary up to age 65 if the covered executive cannot work in their own occupation. That’s a stark contrast to the NYS DBL maximum payout of $170 per week.

We offer various tiered plans for long-term disability insurance in NY State from our top preferred carrier partners:

  • Class I (Executives Only) – Covers 60% of salary to a maximum of $15,000/mos. up to age 65 if the individual is unable to perform their own occupation. 90- or 180-day waiting period.
  • Class II (Management Only) -Covers 60% of salary to $5,000/mos. up to age 65 if the individual is unable to perform their own occupation for two years and any occupation thereafter. 180 day waiting period.
  • Class III (All Other Employees) – Covers 60% of salary up to $2,000/mos. for up to five years the individual is unable to perform their own occupation. 180 day waiting period.

Earn More with The DBL Center

The DBL Center works for our insurance brokers to help them increase commissions with the best long-term and temporary disability benefit plans in New York.

We manage and maintain the policies for you while you focus on expanding your book of business to increase your profits. Contact us today to find the best long term disability insurance in NY State for your customers.