Similar to disability income, but the coverage is for an employed group and is offered as an employee benefit.
A disability having a relatively long duration, usually two or more years. Also, a form of group disability insurance paying benefits for more than the customary 13 to 26 weeks; more commonly, benefits of five years' duration or more, again depending on terms of reference.
A disability lasting more than 90 days.
Sometimes called LTD by your employer, this is an elected benefit available during most enrollment periods. The disability must be permanent, and prevent you from working in any occupation. It will usually cover 50% of your earnings before disability, with a ceiling, usually $3000 per month. Like all insurance products, employees are encourage to carefully review all literature and conditions so they understand the terms, conditions and limitations of LTD payments.
insurance which pays employees a percentage of monthly earnings in the event of disability.
An illness or injury where it is determined that the employee is incapable of performing the essential duties of his/her job and is being treated by a physician for the related illness or injury. The terms and conditions of long-term disability pay will depend upon the insurance provider.
a significant period of disability as defined by a long-term disability plan.
(1) A disability having a duration longer than a short-term disability, the exact duration being variable and a matter of reference; more commonly anything longer than 90 days. (2) A form of group disability insurance paying benefits for more than the customary 13 to 26 weeks; more commonly, benefits of five years' duration or more, but again depending on terms of reference.
