Long Term Disability (LTD)
Long-term income protection insurance coverage at competitive group rates is but one advantage of LTD insurance. Employees also benefit from options that may include supportive clinical programs such as return to work support and rehabilitative services, incentives toward the goal of recovery and a return to independent, productive work.
LTD pays monthly benefits to partially replace income lost as a result of a prolonged disability. Eligibility varies based upon an employee’s inability to perform the material duties of his/her occupation on a full-time basis or all such duties on a part-time basis as well as a loss in pre-disability earnings while working in any occupation. The length of payment schedules and size of payment benefits vary depending upon the duration of the disability and the employer’s size, respectively.
Features of LTD plans may include:
- Multiple monthly benefit maximums and elimination periods
- Various income replacement percentages
- Definition of disability covering own occupation and any occupation
- Choice of plan designs
- Availability on a non-contributory, contributory and voluntary basis