Long-Term Disability
Faq
Long-term disability insurance is a type of insurance coverage that provides income replacement to individuals who are unable to work due to disability, serious illness, injury. LTD Insurance covers disabilities that occurred both during and off the course of the employment. LTD insurance is for disabilities that generally lasts for over six months. In order to have access to this benefit, one has to have coverage either though their employer or privately.
Some employers offer LTD insurance to their employees as a “group benefit”. In Ontario, it is optional and not required for employers to offer their employees LTD coverage. You can also opt for an individual disability policy, which can be transferred throughout your career.
Long-term disabilities are those that generally last longer than six months. LTD coverage generally has a requirement that the employee has to be disabled from performing their “own occupation” or be “totally disabled” to be eligible to receive LTD benefits. Some examples of “total disability” include: brain injuries, chronic illnesses, cancer, chronic pain, neurological illnesses, and psychological injuries.
Most long-term disability insurance plans do not pay an individual’s full income. LTD plans cover a percentage (typically 60-80%) of base salary up to a maximum annual salary.
Long-Term Disability benefits can be received until an individual is well enough to return to work, or until the coverage period ends, usually at the age of 65.
If your Long-Term Disability claim is denied, you should contact a Long-Term Disability Lawyer, who can support your claim at every stage. Hiring the right lawyer significantly impacts the outcome of your claim.