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Long Term Disability (LTD) Insurance

Long Term Disability (LTD) insurance is coverage that is designed to protect the financial well-being of employees. LTD insurance provides income replacement should an employee suffer a disability.

Generally, LTD policies cover any type of injury or illness that prevents someone from being able to work. In order to receive benefits, you must fall under the definition of being "totally disabled". In essence, you must be determined medically unable to perform the duties of your own regular occupation or any occupation.

The LTD benefit schedule is based on a percentage of an employee’s gross earnings. When the plan member pays the LTD premium, if they need to collect LTD benefits, they will not be taxable. However, if the employer funds the monthly premium, at the time of claim, the benefit will be taxable to the employee. In the event of a claim, an all source maximum is taken into consideration which prevents an employee’s income becoming close to their pre-disability income or exceeding it.

Prior to collecting LTD benefits, and employee must satisfy and elimination period of being disabled. 17 weeks is the most common waiting period, which coincides with the Employment Insurance plan (El).