Long Term Disability Insurance - EMPLOYER PAID AND VOLUNTARY
Long-term Disability is designed to pay 60% of an employee's monthly income, for on or off the job disabilities.
The key components of a long-term disability contract are payments for disability due to illness or injury, which are payable to age 65.
The plan may include a ‘Partial Disability’ feature that will provide benefits if an employee's pay drops by
20% or more.
The plan should contain a definition of disability that will protect an employee's own occupation to age 65, if available.
Coverage is available to groups as small as two employees (including owners). Please note that the risk of disability during a person’s working lifetime is 3 times greater than that of dying.