What You Need to Know About Your Group Long Term Disability
Having a source to replace your earned income in the event of an illness or accident is vital considering that on average 1 in 3 Canadians will become disabled for a period of more than 90 days at least once before the age of 65. For those that are disabled for more than 90 days the average length of that disability is 2.9 years.
If you are one of the approximately 10 million Canadians covered under a group long term disability plan (LTD) it’s important to understand what your coverage provides. Don’t wait until after you’re disabled to read the employee handbook, because you could have a few surprises!
HOW MUCH COVERAGE DO I REALLY HAVE?
WHEN DO I START GETTING BENEFITS?
IS THIS BENEFIT TAXABLE TO ME?
WHAT ELSE DO I NEED TO KNOW WHEN I ENROLL IN AN LTD PLAN?
ARE THERE OTHER OPTIONS?
I hope you never experience a disability in your lifetime but if you do, make sure you do not suffer unnecessary financial hardship by being prepared. If you are a member of an LTD group plan, I can help you to review this coverage and, if necessary, co-ordinate it with personal disability benefits to ensure that you have the right amount of income when you need it most.
Statement of Commitment to Clients: My commitment to you is to act with the care and diligence of a reasonable and prudent person conducting his or her own financial affairs. Statement of Financial Advisor Role: We believe our best tool is the ability to ask questions. While financial problems may be complex, the solutions often are not. There is strength in simplicity for most clients.