Long Term Disability Insurance
We have an excellent long term disability plan to offer employees and spouses. This benefit includes the LifeBalance program that can assist employees in areas from everyday issues from legal, addiction and recovery to education, work and childcare. The Spousal Long Term Disability benefit provides additional income to your employees when their spouse suffers the inability to perform certain activities of daily living. This policy is underwritten by Unum.
Employee Long Term Disability Summary
We offer two waiting periods of 90 and 180 days. After the waiting period, the insurance company pays 60% of the employee’s current salary to age 67, or for as long as they are disabled. There are graded benefits for employees disabled after age 60. Benefits are integrated with Workers' Compensation, Social Security, and Pension benefits, if your employee elects to receive them; if your employee elects to postpone them, then there is no integration. Corporate officers have a "regular occupation" definition to age 67, all other employees have a "regular occupation" definition for two years. Partial disability benefits are included when eligible. The maximum monthly benefit is $10,000. There is a 3% annual cost of living benefit increase for the first five years of disability. Recurrent disabilities are considered for up to six months.
Spousal Long Term Disability Option Summary
The plan pays the employee a monthly income benefit (officers - $2,000 per month; non-officers - $1,000 per month) for up to two years after their spouse has been seriously disabled for 60 days and cannot perform two of six activities of daily living (ADL). The ADL’s are: bathing, dressing, toileting, transferring, continence and eating.
Note: These are summaries and not a contract; the terms of the Long Term Disability policy will control. The Long Term Disability certificate booklet can be found here. The elimination period will be shown on the offer of coverage.