Long Term Disability

long term disability

Long Term Disability

What is a Long Term Disability Insurance?

If you are healthy, disability insurance may seem irrelevant to you. Although, becoming disabled is quite common these days. According to a study, one in every four people has a high chance of being disabled before turning 67. While everyone tends to avoid any injury or illness that causes them disability, there could come sometime when you are unable to earn a paycheck being unable to work. Thus, to support you in your hard times, the long-term disability insurance Brampton, Canada, pays you a portion of your income until you return to work.
While buying long-term disability insurance is easy, understanding how it helps may be tricky. Thus, to help you further, this blog has covered everything for you.

How much does long-term disability insurance cost?

As a beneficiary of long-term disability insurance, you pay a monthly premium equivalent to the ratio of your per-month salary. The premium cost depends on the coverage per cent you select and which retirement plan you take part in. The employees who have not participated in any retirement plan gets lesser insurance cost than those who have chosen the retirement plan.

Waiting Period

Both the employee-paid and employer-paid long term disability insurance Ontario, Canada have three months waiting period. After you suffer from an injury or illness, the waiting period is the time length from when you stop working and begin receiving its benefits. Simply put, the waiting period is how long you wait until the insurance provider begins paying you. You won’t work throughout the waiting period, so you do not get any paycheck. However, you may receive some amount if you have saved any paid leave. The highest benefit period is defined according to your age when your disability starts.

What long term disability insurance covers?

Long-term disability insurance covers injuries, whether caused outside or inside of work. Some common examples of the health conditions under which the long term disability insurance Ontario, Canada, pays you a lump sum amount is as follows-
● Rheumatism
● Pregnancy complications
● Pneumonia
● Scoliosis
● Back Pain
● Coronary artery disease
● Stroke
● Heart attack
● Sprains and strains

Benefits of Long-term disability insurance for employees

An insurance company helps you choose the best long-term disability plan suitable to your requirements. Long-term disability insurance can be customized into an employer-paid long-term disability plan to ensure coverage continuity. The advantages involve-
● Family care credit and workplace modification
● Full return-to-work incentive
● Waiver of premium
● A definition of disability gives employees satisfaction about the loss of duties and elimination period.
● 67% income loss protection.

How to buy a long-term disability plan?

When buying a long-term disability insurance plan, there are some things you should consider before making any financial decision. To buy the long-term disability plan, here are a few tips for you-

1. Thoroughly assess your family’s financial condition to know the policy’s coverage level.
2. Consider your pre-existing medical issues, lifestyle requirements, dependent’s demands, life goals, and liabilities before buying a long-term disability plan.
3. Compare the benefits various insurance providers offer to you.
4. Select a disability insurance policy that involves expanded coverage for several eventualities to ensure complete protection.
5. Read the terms and conditions of the long-term disability insurance plan to prevent future disappointments.


Henceforth, that’s all to cover for the long-term disability insurance policy. Hope the article has been helpful for you.
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