What do statutory life and disability benefits cover?
There are five states that have state-mandated disability insurance requirements: California, Hawaii, New Jersey, New York and Rhode Island. Eligible employees can apply directly with the state for income replacement during a qualifying period of disability.
What life and disability benefits do most employers offer?
It is common for employers to offer a paid life insurance benefit in an amount equivalent to 1 to 2 years of the employee’s annual salary. Although disability coverage is less common, it is also offered by some employers.
Velocity Global offers supported employees the opportunity to select voluntary life, short and long term disability coverage. Life insurance amounts up to US$500,000 are available, as well as coverage for spouse and dependents. Short and long term disability coverage offers income replacement based on the supported employee’s compensation up to plan limits.