They say nothing is sure but death and taxes. But did you know that employees are more likely to become disabled than die during their working career? And if they are disabled and can't draw an income, it gets hard to pay those taxes — and mortgages, utility bills and so on.
That's where Companion Life's Long Term Disability (LTD) plan comes in. It replaces income lost due to injury or sickness. Our plan pays 60% of an employee's earnings, up to a maximum monthly benefit of $6,000. The employer offering the plan selects an elimination period — so the injured employee begins receiving benefits after either 90 or 180 days of leaving work.
One strength of our program is the flexibility in plan design. Our Long Term Disability program features these benefit options:
TwoYears/Reducing Benefit Duration (RBD) — A maximum payment duration of two years is available. A RBD is included for older workers. Choice of either 90-day or 180-day elimination period. Includes all standard LTD features
Five Years/Reducing Benefit Duration (RBD) — A maximum payment duration of five years is available. A RBD is included for older workers. Choice of either 90-day or 180-day elimination period. Includes all standard LTD features.
Age 65/Reducing Benefit Duration (RBD) — Available to groups eligible for the Five Year/RBD option. Benefits can be extended to age 65, and a RBD is included for older workers.
Here's a quick summary of our plan choices, with maximum payment durations:
|
Two Years/RBD Plan
|
Five Years/RBD and Age 65/RBD Plans
|
|
Age at Disability
|
Duration
|
Age at Disability
|
Duration
|
Age at Disability
|
Duration
|
Less than
age 66 |
2 years
|
Less than
age 61
|
5 years
(or age 65)
|
65
|
24 months
|
| 66 |
21 months
|
61
|
48 months
|
66
|
21 months
|
| 67 |
18 months
|
62
|
42 months
|
67
|
18 months
|
| 68 |
15 months
|
63
|
36 months
|
68
|
15 months
|
| 69+ |
12 months
|
64
|
30 months
|
69+
|
12 months
|
Find out more about plan features and eligibility and participation.
This is just a summary of the main features of our Long Term Disability plan. To learn more, please contact us.