What You Need to Know About Your Group Long Term Disability
Having a source to replace your earned income in the event of an illness or accident is vital considering that on average 1 in 3 Canadians will become disabled for a period of more than 90 days at least once before the age of 65. For those that are disabled for more than 90 days the average length of that disability is 2.9 years.
If you are one of the approximately 10 million Canadians covered under a group long term disability plan (LTD), it’s important to understand what your coverage provides. Don’t wait until after you’re disabled to read the employee handbook, because you could have a few surprises!
HOW MUCH COVERAGE DO I REALLY HAVE?
WHEN DO I START GETTING BENEFITS?
IS THIS BENEFIT TAXABLE TO ME?
WHAT ELSE DO I NEED TO KNOW WHEN I ENROLL IN AN LTD PLAN?
ARE THERE OTHER OPTIONS?
If your current disability coverage is inadequate, you can consider purchasing an individual disability policy to “top up” your coverage. I can help you to review your current coverage and, if necessary, co-ordinate it with personal disability benefits to ensure that you have the right amount of income when you need it most.
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