Long term disability (LTD) pays part of your income if a disability keeps you out of work for an extended period. Petfolk pays the full cost, so this coverage through The Standard is free to you.
Key numbers
- Benefit: 50% of the first $25,000 of your monthly earnings, up to $12,500 a month
- Waiting period: 180 days
- How long it pays: to your Social Security Normal Retirement Age if you become disabled before 62. If you’re 62 or older, benefits last from 3 years 6 months down to 1 year, depending on your age.
Your benefit is reduced by certain other income you receive, which the policy calls deductible income. The minimum payment is $100 a month or 10% of your benefit before reductions, whichever is more.
How disability is defined
For the first 24 months, you qualify if you can’t do your own job and have lost at least 20% of your earnings. After 24 months, you qualify if you can’t do any job that suits your training and experience.
How it works with short term disability
LTD’s 180-day waiting period lines up with the end of short term disability, which pays for up to 24 weeks after a 14-day wait. If you enroll in STD, you have income protection from the early weeks of a disability through the long term.
The LTD plan also includes 24-hour coverage, a survivor benefit, waiver of premium and return-to-work support.
