Long-term disability (LTD) insurance is a form of insurance coverage that protects an employee from loss of income security in the event that the individual is unable to work due to a specific health condition/illness, injury or accident for an extensive period of time. However, every long-term disability insurance policy is different and has certain aspects that you should research and be aware of.
In this article, we’ll reflect on the specifics of long-term disability insurance and what you need to deeply consider before deciding if it is worth it for you.
Long-term disability insurance is a relatively straightforward insurance premium product, which is designed to protect employees during a long period of time while disabled and unable to work. The insurance will pay the individual a monthly income as replacement income while they are out of work and meet the test of disability contained in the policy. With a good LTD policy, the amount you receive will come quite close to your regular take-home income after taxes. Here are a few examples of some important LTD terminology to keep in mind:
An Edwards Pollard LLP long term disability lawyer will help you fight if you have been unfairly denied your proper LTD benefits. If you cannot work and have been denied LTD benefits from your insurance company, we can help you. Contact us to get in touch today at https://edwardspollard.ca/ltd-denials/.