According to a press release, the solution gives employees two choices for long-term disability coverage: a basic and enhanced version. Brokers work with the employer to create two different long-term disability benefit designs that generate affordable options for employees.
Because both policies are group voluntary coverage, employees receive a lower group rate and the convenience of paying for their benefits through payroll deduction, the Principal said.
The Principal also provides several choices for voluntary benefit education and enrollment including online enrollment.
“We recognize employers and employees want choice in cost and level of income protection, especially in this economy. This new program gives choice without sacrificing meaningful protection,” said Amy Friedrich, vice president of the Specialty Benefits Division of The Principal. “The option allows brokers to work with their employer clients on a customized voluntary strategy that best fits the needs of their employees.”
More information is available at www.principal.com.