Long and Short Term Disability

  • Short Term Disability (STD)

    Do you have sufficient savings to allow you and your family to live if you could not work for two or three weeks? STD provides replacement of a percentage of your salary, usually for 90 to 180 days, should you become disabled due to illness or injury (except on the job injuries which is covered by workers compensation insurance). Most plans have a cap which means you receive a maximum benefit amount per month.

    Many of the STD plans have the following features:

    • Choice of employer paid, shared contributions where the employee and employer share in the cost or employee paid
    • Covers maternity and integrates with social security and social security disability insurance
    • Integrates with Long Term Disability programs
    • Most plans have flexible elimination/waiting periods for sickness/injury of 0/0,0/7,7/7 days
  • Long Term Disability (LTD)

    Most experts agree that long-term disability insurance is the most important insurance you can own after health insurance. This can be partially attributed to advances in medical care; some diseases and injuries are now disabling rather than deadly. While most people are prepared for the medical cost of a severe injury or sickness through health insurance they are not prepared for an interruption to their income from such a tragedy.

    Features of a Group LTD plan

    • Benefit periods of 2 years, 5 years and to age 65
    • Elimination periods from 30 days to 2 years
    • Coverage up to 70% of income (to a $25,000/month maximum)
    • “Own Occupation” definition of disability plans available
    • Significant cost savings over individual long term disability insurance