What is Multi-Life Disability Insurance?

Shawn Plummer

CEO, The Annuity Expert

What is Multi-Life Disability Insurance?

Multi-life disability insurance is a type of policy designed for groups, often utilized by businesses or organizations to provide disability coverage to multiple employees or members. This form of insurance comes with various benefits, including premium discounts and incentives for retention. Here’s an overview:

Key Features of Multi-Life Disability Insurance

  1. Group Coverage: Designed to cover multiple individuals under a single policy, typically within a business or organization.
  2. Premium Discounts: One of the primary advantages of multi-life policies is the premium discount offered for covering multiple people.
    • Business Coverage: Businesses providing coverage for a minimum of three employees often receive a significant premium discount, such as a 15% reduction.
    • Non-Business/Spousal Coverage: There can also be discounts for non-business groups, such as spousal coverage, which might include a 10% discount.
  3. Employee Retention Incentive: For businesses, offering multi-life disability insurance can be an effective tool for employee retention, as it adds value to the benefits package.
  4. Simplified Underwriting: Multi-life policies may offer simplified underwriting processes, making it easier and quicker for groups to obtain coverage.
  5. Tailored to Group Needs: These policies can be customized to suit the specific needs and characteristics of the insured group.

Recommendation: MassMutual for Multi-Life DI Coverage

MassMutual is recommended for multi-life disability insurance due to its comprehensive coverage options and competitive pricing:

  • Expertise in Group Coverage: MassMutual is known for its experience and expertise in providing group disability insurance solutions.
  • Customizable Policies: Offers a range of options that can be tailored to the specific needs of a business or group.
  • Competitive Discounts: Their multi-life disability insurance policies offer attractive premium discounts, adding to the financial feasibility of businesses and groups.

Conclusion

Multi-life disability insurance is an advantageous option for businesses and groups, offering coverage to multiple individuals under one policy with the benefit of premium discounts and incentives. For businesses, this type of insurance provides financial protection to employees and serves as an employee retention tool. MassMutual is a provider of choice for multi-life DI coverage due to its flexible policy options and competitive pricing.

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Shawn Plummer

CEO, The Annuity Expert

Shawn Plummer is a licensed financial professional, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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