Long Term Disability Insurance
Long Term Disability Benefits Can Help Ease the Burden
If you or one of your employees is injured or becomes unexpectedly ill, an extended absence from work may be necessary. Group insurance may cover actual medical costs, but most people will need additional help to cover their living expenses when facing an extended absence from work.
Long Term Disability insurance (LTD) provides employees who are on an extended absence a monthly benefit to help cover living expenses until a return to work is possible. The benefit is usually paid as a percentage of monthly earnings with the percentage varying from 50% to 75%, with the most common being 66.67%.
Coordinate with a Short Term Disability Program for Greater Peace of Mind
Benefits typically begin after 17 weeks which allows for integration with any Short Term Disability programs. LTD plans can pay benefits for 2 or 5 years, or to age 65.
If the employee pays the Long Term Disability premiums, the benefits received under this benefit would not be taxable. If the employer pays any portion of the disability premiums, the benefits would be considered taxable income by Canada Revenue Agency.
Insuring Employees for the Long Term
Long Term Disability coverage can help provide financial security and allow an employee that is disabled to focus more on recovery and returning to work.
Chambers Plan LTD benefits provide employees with:
- Up to $7,000 per month
- Benefits for 2 or 5 years, or until age 65
- Guaranteed coverage to groups with 3 or more employees (non-evidence limits vary from $1,200 to $3,000)
Your Chambers Plan advisor can build a group plan to fit your firm's unique needs and finances.
Request a quote today and your Chambers Plan advisor will contact you to discuss a benefits plan, including disability insurance, for your firm.