Latest news with #disabilityinsurance
Yahoo
01-07-2025
- Business
- Yahoo
Symetra to buy Dearborn Group's life and disability business
Symetra Life Insurance Company has agreed to acquire the life and disability (L&D) business of Dearborn Group, a subsidiary of Health Care Service Corporation (HCSC). The acquisition will be executed through a reinsurance transaction, with financial terms remain undisclosed. Dearborn Group offers employer groups a range of ancillary benefits such as life, disability, dental, vision, supplemental health and medical coverage in the US. With this transaction, Symetra will assume responsibility for Dearborn Group's portfolio, which includes group and individual life insurance, accidental death and dismemberment, and both short-term and long-term group disability insurance. Additionally, the acquisition covers paid family leave, medical leave, and absence management services. Furthermore, Symetra has signed a product distribution agreement with HCSC. Under the terms of the agreement, once the transaction is closed, Symetra's L&D products will be distributed exclusively to HCSC's healthcare customers for a multi-year period. The completion of the transaction is projected for the latter half of 2025, pending the regulatory consents and customary closing conditions. Symetra Financial Corporation CEO and president Margaret Meister said: 'Symetra's strategic plan envisions opportunities across many parts of our business. Dearborn Group's well-regarded life and disability business complements our own, allowing us to reach a wider range of employer groups and accelerating the growth of our workforce benefits line. 'In addition, the distribution agreement with HCSC will significantly broaden the reach of our workforce benefits products.' Following the completion of the deal, Dearborn Group aims to redirect its focus towards its dental, vision, and supplemental health product lines, which have been experiencing growth. HCSC chief strategy officer and Diversified Businesses president Arun Prasad stated: 'This agreement further enhances the focus of HCSC and Dearborn Group on expanding access to health care by providing market-leading solutions critical to being the partner of choice for the health benefits and care coordination needs of individuals of all ages and all reimbursement arrangements. 'Concurrently, the transaction provides our life and disability customers with a partner that will further enhance the value of the services provided to them.' "Symetra to buy Dearborn Group's life and disability business " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
29-06-2025
- Business
- Associated Press
Disability Insurance: Its Structure, Importance, And Broader Implications
06/28/2025, New York City, New York // KISS PR Brand Story PressWire // An alarming number of US households have insufficient emergency savings to cover more than three months of lost income, making them vulnerable to financial hardship in the event of an unexpected illness or accident. In an uncertain economic environment, disability insurance, known elsewhere as income insurance, has become an increasingly relevant financial strategy for American workers across various sectors. Designed to provide a financial safety net during periods of illness or injury, this powerful tool plays a crucial role for families and individuals who want to maintain economic stability in times of need. What Is Disability Insurance? In the USA, disability insurance is a policy that provides the holder with a replacement for a portion of their regular income if they are unable to work due to a medical condition or injury. The most common types include the following: Key Structural Elements The structure of disability, or income insurance, incorporates several standard components, including: The length of time any policy will pay out benefits following a valid claim. Short-term policies may offer coverage for around a year, while long-term ones can extend until retirement age. This refers to the waiting period between when the illness or injury occurs and when payments begin. Elimination periods typically range from 30 to 180 days. Each policy has its definition of what makes somebody able to work: Premiums may be fixed or variable and can depend on: The Importance of Personal Financial Planning for Americans Personal financial planning is a critical aspect of modern life in the US, particularly for individuals who are self-employed or lack substantial savings. In the absence of disability benefits or employer-provided sick pay, many households may struggle to pay ongoing expenses such as: The Broader Economic Implications of Disability Insurance Beyond the impact of financial uncertainty on individual households, the widespread adoption of insurance policies can contribute to economic stability at both the community and national levels. When individuals are supported financially during recovery periods, their reliance on public assistance programs is reduced, minimizing the financial strain on social service and healthcare systems. Final Thoughts While often overshadowed by more common types of insurance, such as health or life insurance, income protection fills an essential gap in financial readiness. As increasing numbers of Americans face chronic health conditions and non-work-related injuries, the demand for income replacement strategies is expected to continue to rise. Original Source of the original story >> Disability Insurance: Its Structure, Importance, And Broader Implications
South China Morning Post
24-06-2025
- Business
- South China Morning Post
Australia faces a ‘guns or butter' problem: defence spending or social programmes?
Australia confronts a 'guns or butter' choice between a bigger defence budget and expanding national disability insurance and other social programmes, according to multinational banking and financial services company Rabobank, which calls for economic statecraft to navigate a risky regional security environment. For now, the government is opting for 'butter', but it retains substantial fiscal headroom to bolster military spending when compared to peer economies, Rabobank economist Benjamin Picton said in a research note on Tuesday. The nation's debt is lower than that of counterparts as a share of its gross domestic product. Australian officials have warned that the nation faces its most complex strategic circumstances since World War II. The government aims to pivot its military posture to deterrence, including via drones and missiles, to complement a planned fleet of nuclear-powered submarines due to be delivered in the 2030s under the Aukus deal. A Virginia-class nuclear-powered attack submarine of the type Australia is set to acquire from the early 2030s. Photo: US Navy But Canberra is caught between the expanding military footprint of China, which is also Australia's biggest trading partner, and its traditional US ally that is seeking to check Beijing's expansion in the Asia-Pacific. Picton pointed out the contradiction of Australia deepening military engagement with Washington via Aukus to deter China while trying to keep defence spending low enough to 'remain relatively inoffensive' to Beijing. 'This have-your-cake-and-eat-it-too approach carries risk that Australia will be forced into supporting US foreign policy interests against its own, while also being underprepared if a major conflict were to break out, or if the US were to revise its strategic doctrine in the Western Pacific,' Picton said. As a result, Australia faces higher defence, social programmes and debt servicing costs which may put pressure on long-dated government bonds, Picton said.
Bloomberg
24-06-2025
- Business
- Bloomberg
Australia Must Choose Defense or Social Spending, Rabobank Says
Australia confronts a 'guns or butter' choice between a bigger defense budget and expanding national disability insurance and other social programs, according to Rabobank, which calls for economic statecraft to navigate a risky regional security environment. For now, the government is opting for 'butter,' but it retains substantial fiscal headroom to bolster military spending when compared to peer economies, Rabobank economist Benjamin Picton said in a research note on Tuesday. The nation's debt is lower than that of counterparts as a share of its gross domestic product.
CNET
20-05-2025
- Business
- CNET
SSDI May 2025: Here's When You'll Get Your Money
May's SSDI checks are headed to beneficiaries soon. Here's this month's payment schedule. CNET Social Security Disability Insurance recipients that have yet to receive their monthly payment for the month of May can look forward to getting it soon. The third round of payments will be delivered to recipients in a few short days, followed by the last payment next week. The day you receive your payment depends on a couple of factors that we'll cover below. The Social Security Administration sends monthly payments to people who have a disability that stops or limits their ability to work. Depending on their individual situation, others may qualify and can apply for SSDI as well. We'll break down the full SSDI payment schedule for the month of May and how your payment date is calculated so you'll know exactly when you can expect your check. For more, here's what you can do if you're last payment never arrived, and here's the Supplemental Security Income payment schedule. Payment schedule if you've had SSDI since May 1997 or earlier If you started getting SSDI before May 1997, you'd usually receive your payment on the third day of every month. Note that this isn't always the case, like when the third day falls on a weekend or holiday. For 2025, this will happen in May and August, so you can expect to receive your payment during these months 1-2 days earlier. If you began receiving SSDI after May 1997, then your payment date is determined by the day of the month you were born. Payments are typically paid out on the second, third and fourth Wednesday of the month. Which Wednesday you get your check breaks down like this: Birthdate between Social Security check date 1 and 10 of the month Second Wednesday of the month 11 and 20 of the month Third Wednesday of the month 21 and 31 of the month Fourth Wednesday of the month Here's when you'll get your SSDI payment in May Here's when your SSDI payment should arrive this month: If you've received Social Security before May 1997 May 2 If your birthday falls between day 1 and 10 of the month May 14 If your birthday falls between day 11 and 20 of the month May 21 If your birthday falls between day 21 and 31 of the month May 28 How does 2025 COLA affect my payment? The COLA for 2025 introduced a 2.5% increase in monthly benefit checks, but exactly how much of an increase will depend on several factors. Any monthly income, how long you've received benefits and what type of benefit you receive can result in a different payment increase. Recipients should have received their COLA notice sometime in December with specific details on their case. A COLA of 2.5% will add about $48 to the average benefits check. For more, don't miss four ways you could lose your Social Security benefits and how to apply for SSI.
