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Benefits Program Design

Income Protection: Are Your Executives Fully Covered For Disability?

Hands cover coin stacks with a shield and checkmark to signal income protection| Corporate Synergies
Organizations must strengthen income protection by addressing disability coverage gaps to ensure executives maintain financial stability and lifestyle during extended absence.

Organizations invest heavily in executive compensation but often overlook disability income protection. Standard group long-term disability (LTD) plans create gaps for high earners. These plans typically replace about 60% of base salary and apply strict monthly caps. They also exclude key compensation elements such as bonuses, commissions, and equity. As a result, executives can face meaningful income loss during extended disability.

These gaps can have a lasting financial impact. Long-term disability claims often extend for multiple years. Even a modest monthly shortfall can compound into a significant loss over time. Tax treatment can further reduce take-home income, depending on how premiums are funded. Plan design details (such as whether coverage applies to base salary or total W-2 earnings) can widen the gap even further.

Organizations should take a structured approach to identifying risk. Regular benchmarking and gap analysis help assess how many executives exceed plan limits. A thorough review should account for total compensation, not just salary. This allows companies to quantify exposure and prioritize solutions.

Supplemental coverage can address these shortcomings. Individual disability insurance (IDI) and high-limit policies expand protection beyond group plan caps. These options can cover total compensation, offer more flexible definitions of disability, and remain portable if an executive changes employers. Additional strategies can provide more complete income protection.

Employee education is also critical. Many executives do not fully understand their coverage until a claim occurs. Clear communication helps them make informed decisions about supplemental options.

A proactive, well-designed disability strategy strengthens financial security for executives. It also reinforces an organization’s ability to attract, retain, and protect key leadership talent.

See the full article on HR Executive for more information.

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Harrison Newman Corporate Synergies
Harrison Newman specializes in reducing employer benefit costs through in-depth research, strategic plan design, claims data analysis, and diligent carrier negotiations.

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