Income Protection

Pierce Insurance’s portfolio of benefits includes programs listed below as well as innovative products we negotiate and customize to meet your unique needs. Here is a sampling of our product portfolio. We partner with AM Best “A” rated companies or better.

Disability

Your employee’s income is their most valuable financial asset. Disability insurance (covers illness and injury) helps protect both your employee’s income and provides financial security for family members. Policies pay employees directly (unless assigned). Coverage can be employer paid, employee paid, or shared. Pierce Insurance’s portfolio of products includes both short term and long term disability policies. Plans may offer convenient benefits such as:

  • Guaranteed renewable
  • Selection of elimination periods
  • Partial disability
  • “Own occupation” definition of total disability

  • Waiver of premium
  • Survivor benefit
  • Hospital confinement

Pierce Insurance. Income protection coverage stacks up. Weeks off work due to disability.

Disability coverage stacks up

Short and long term disability insurance work together to keep employees protected when a disability lingers. And IDI boosts income protection even further.

Employees can explore their disability needs through our disability calculator.

Accident
No one plans to have an accident. Most major medical insurance plans pay only a portion of the bill. Pierce Insurance portfolio of voluntary accident plans provides cash benefits for out-of-pocket expenses associated with an accidental injury. Employees and retirees need a financial cushion while they work to regain their health.

Plans offer convenient benefits such as:

  • Family coverage (spouse and children)
  • Payroll or pension deduction (no extra billing)
  • Wellness benefit (encourages healthier workforce  and prolonged retirement years)

  • Guarantee issue (no health questions)
  • No limit to the number of accidents
  • Some plans offer physician visit benefit for  sickness and wellness visits

Long-term care
Employer advantages for smaller businesses:

There are a number of key benefits when you purchase long term care insurance on a ‘group’ basis. There can be significant tax benefits. There can be savings benefits since you may be able to qualify for a group discount on the very same policy you would purchase on an individual basis. If your group meets certain criteria, you may be eligible for more simplified health underwriting.

Employer advantages for larger businesses:

  • Offering long-term care insurance as a workplace benefit can be an integral part of your strategy to recruit and retain the best talent, contain costs, and enhance employee productivity.
  • Offered as a voluntary benefit, this protection can provide significant and potentially life-changing benefits for your employees without cost to the company.
  • For employers, group long-term care insurance can:
    – Enhance benefit packages by providing a voluntary benefit that offers coverage not found in medical or disability insurance.
    – Deduct contributions to long-term care premiums as a business expense.

For employees, long-term care insurance can:

  • Provide discounts only available when purchased  on a group basis. Take advantage of simplified health  underwriting also only available on a group basis
  • Help secure retirement savings by protecting against  the high long term care cost
  • Allow individuals to retain independence in decisions  concerning care rather than relying on family members  or government assistance

  • Help employees prepare for the unexpected by providing insurance  not covered by other benefits
  • Increase worker productivity; by giving employees access to  resources that will help them manage long-term care situations

Estimated daily cost for long-term care:

  • According to the Genworth Financial 2014 Cost of Care Survey, the estimated median annual cost for a nursing home stay was $77,380 per year for a semi-private room. This is about $212 per day.
  • The average stay in a nursing home is about 2.5 years, but can vary considerably*.

  • The cost for a private room was $87,600 or $240 per day. Assisted living at home can cost more than $41,680 per year or $20.00 per hour for a home healthcare aid. All of these long-term care costs can be considerably higher in larger metropolitan areas.*

*Source: Genworth 2014 Cost of Care Survey

Long-term care insurance is not just good for the employees and their families; it’s good business.