That's Long Term Disability. Remember, you're talking to a guy who's worked in that industry for decades. Companies generally offer STD & LTD for no cost to their employees and a third party risk firm pays the employee around 75% of their base salary. Employees can opt to pay a little out if their paychecks each period to increase the percentage they receive in the event of a disability. Check your benefit package. I'd be shocked if you don't have both.
Think of it as your company paying for insurance on itself like you do for your car. If an employee has an event, the risk company steps in to pay on behalf of the company. There's the Reader's Digest answer to a question you never asked.