Now Benchmarking Life and Disability Plans

Medical and dental get the attention. But for employees, few benefits matter more in a crisis than life insurance and disability coverage. When someone dies or can't work, these benefits are the difference between financial security and catastrophe.

Today, we're adding life and disability plans to the Bnchmrk platform.

The Basics Matter

Most employers offer some level of basic life insurance—typically employer-paid coverage equal to one or two times salary. Many also provide short-term and long-term disability coverage, either employer-paid or as a voluntary option.

But what's "standard" varies widely. And until now, there hasn't been a good way to benchmark these offerings against actual peers.

What's Now Available

Basic Life Insurance:
• Coverage multiples (1x, 2x salary)
• Flat coverage amounts
• Maximum benefit caps
• AD&D coverage inclusion
• Employer-paid vs. employee-paid structures

Short-Term Disability:
• Benefit percentages (typically 60-70% of salary)
• Maximum weekly benefit amounts
• Elimination periods (how long before benefits begin)
• Benefit durations (how long benefits last)
• Employer-paid vs. voluntary availability

Long-Term Disability:
• Benefit percentages (typically 50-60% of salary)
• Maximum monthly benefit amounts
• Elimination periods (often 90 or 180 days)
• Definition of disability provisions
• Own occupation vs. any occupation periods

Why Benchmarking These Matters

Basic life and disability coverage are often set-it-and-forget-it benefits. Employers establish them once and don't revisit for years. Meanwhile, market norms shift.

Common questions we hear:

• "Is 1x salary still standard for basic life, or have peers moved to 2x?"
• "What elimination period are other employers using for STD?"
• "Should LTD be employer-paid or offered as voluntary?"

Now you can answer these with data, not guesses.

For Consultants

Life and disability benchmarking rounds out your client conversations. Medical is the big-ticket item, but clients appreciate advisors who look at the full picture.

Reviewing basic life and disability during renewal season—even when clients aren't asking—demonstrates thoroughness and can uncover easy wins.

Life and disability benchmarking is available now in the Bnchmrk platform.