Ways to offer income protection

Ways to offer income protection

As a business owner, you know how important your employees are to the company. You may have fringe benefits or bonus plans in place, but what about income protection if an employee becomes disabled and can’t work?

An additional benefit to consider is individual disability income (DI) insurance. Through a Multi-Life Guaranteed Standard Issue (GSI) Program you may provide this benefit to your employees as a group and pay the premiums; offer the benefit on a voluntary basis; or share the premium with your employees.

Why offer individual income protection to your employees?

  • Your employees are key to your business. The loss of an employee could greatly reduce productivity or decrease revenue. Offering a value-add benefit that protects a person’s income during a disability demonstrates their value to you and to the organization.
  • You can better attract new talent. Recruiting the type of employees you hope will become key to your organization will help your business succeed. You can improve the caliber of the employees you hire by including income protection as part of their benefits package.
  • You can cover any defined group of employees. Unlike other benefits that may require coverage for all employees, you can limit this benefit to just the employees you select and potentially deduct the premiums as a business expense.
  • It protects your business when no DI coverage is in place. You may wish to continue paying a disabled employee when he or she is unable to work. If you have no formal plan in place, by doing so, you may be setting a precedent by which you’ll have to continue paying salaries to all disabled employees.
  • You can enhance the benefits you already offer. For some employees, it’s likely that a group policy limits the benefit amount, leaving what could be a substantial coverage gap, should they become disabled. An individual DI policy can provide stand-alone protection or supplement any group long term disability coverage you may currently offer.

With Multi-Life GSI and Ohio National:

  • You define the eligible group of employees.*
  • Underwriting is simplified. Underwriting is simpler than the standard process for individual applications because the select employees are evaluated as a group. Once we have an employee census, there are no additional financial-document requirements. We only ask two qualifying questions to determine eligibility, and then require no additional detailed individual medical underwriting.
  • Individual, portable policies are issued. Eligible employees can obtain an individual non-cancellable DI policy with no exclusions or ratings.
  • You are removed from the claims process. We review all claims, removing any guess-work for you.
  • You have a potential deductible business expense. The premiums paid may be a deductible business expense, if the business pays the premiums.*

Multi-Life GSI benefits for your employees:

  1. No medical underwriting requirements. Eligible employees receive a standard non-cancellable DI policy with benefits payable to age 65, 67 or 70 (depending on the benefit period selected), with no medical underwriting requirements.
  2. Permanent premium discount. Eligible employees receive a permanent premium discount.
  3. Portability. The DI policy and discount are portable if the employee should leave your company and elects to continue to pay the premium.
  4. Supplement group coverage. The individual coverage offered through this program may supplement any group coverage offered through your business.
  5. No reduction for Social Security or other eligible disability benefits.
  6. No lengthy underwriting process.
  7. Peace of mind. Employees have comfort in knowing their incomes are partially protected in the event of a covered disability (as outlined in each individual policy).

Protect your employees and your business – we can help. Contact your financial professional about how to obtain a no-obligation estimate for offering individual DI to your employees. The only items needed for an estimate are a census with minimal data elements, a completed request for a proposal and details of any existing group long-term disability insurance.

*A minimum number of employees is required to be eligible for the GSI program.


Disability income insurance policies issued by Ohio National Life Assurance Corporation. Product, product features and rider availability vary by state. Guarantees are based upon the claims-paying ability of the issuer. Disability income insurance is not available in CA. Issuers not licensed to conduct business in NY.

Disability income insurance policies contain exclusions, limitations, reduction of benefits and terms under which the policy may be continued in force or discontinued. For complete details of coverage, contact your financial professional or the company.