Long Term Disability

Man in wheelchairThey 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 careers? 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 percent 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. Companion Life's LTD plan can provide LTD coverage for most industries!

Benefit Options

One strength of our program is the flexibility in plan design. Our Long Term Disability program features these benefit options:

  • Two Years/Reducing Benefit Duration (RBD) — A maximum payment duration of two years is available. An RBD is included for older workers. Choice of either 90-day or 180-day elimination period. Includes all standard LTD features
  • Five Year/Reducing Benefit Duration (RBD) — A maximum payment duration of five years is available. An 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 an 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 

For details on employer eligibility, employee eligibility and participation, please refer to our brochure.

To learn more, please contact us.