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Multi-Life DI/Employee Benefit Solutions
To help employers attract and retain key employees, share with them the option of including Individual Disability Income (DI) insurance to their benefit offering - at a discounted rate when at least three employees purchase coverage. This coverage can be:
- Offered as standalone coverage or supplement group long-term disability (LTD) insurance
- Paid for by the employer, employees or a combination of both
- Offered to select groups of employees in a carve-out situation
Learn more about formalizing a program offering. Plus, our DI Solutions Center can help identify and design the best options for your large cases (10 or more employees).
For formal employee benefit programs, the following is ideal:
- Employer-paid benefits: 10 to 30 participating lives and annual employee incomes of $75,000+
- Voluntary benefits: Fewer than 250 eligible lives and annual employee incomes of $40,000+
Otherwise, consider targeting these characteristics:
- 3A and above occupation classes
- Key industries: Manufacturing, banking, pharmaceuticals, IT, engineering, consulting, telecommunications
- Employer typically offers group LTD coverage
We offer the following underwriting solutions to help you implement multi-life DI offerings:
- Full Underwriting: Reviews are conducted and maximum benefit amounts are available.
- Simplified Multi-Life2: Provides benefits, up to $6,000/month with no routine medical requirements.
- Standard Issue (GSI): Policies are issued to groups of employees without requiring routine medical inquiries, attending physician statement or electrocardiograms (EKGs); eligible for more than the 20% discount (based on number of lives).
- Fallback GSI: Routine medical and financial underwriting is conducted on all eligible employees to provide them with the opportunity to qualify for the maximum benefit. If a health concern is identified during underwriting, the employee receives the “fallback” standard issue offer.
Best of all, in many situations, the 20% Multi-Life Discount1 does not require a formal employee benefit, employer signature or endorsement.
1Available when three or more employees with a common employer purchase Individual Disability Insurance from Principal Life Insurance Company. Not available for Dental/Medical Residency Programs; 10% Affiliation/Association Discount to be used.
2No blood, urine, exams, EKGs or APSs required, unless a significant and undisclosed medical condition is reported by MIB, significant medical information is derived from the TeleApp, or any other disability coverage has been issued or applied for on a non-medical basis. Urine/HIV test is required in Maine. This is not a guaranteed issue program; applications could be rated, ridered or declined. It is subject to Issue and Participation limits and minimum premium requirements. Additional guidelines may be required in California.
Key materials listed below. Additional materials are available.
Employee Benefits program profile (JJ1726)
Gives an overview of our IDI multi-life/employee benefit programs, guidelines, design alternatives and points to discuss with clients.
IDI Multi-Life Solutions and Design Ideas Producer presentation (DI8944)
For producers. This presentation covers the features and advantages of offering Individual Disability Insurance as an employee benefit.