Many employees are concerned over what would happen to them and their families should they become hurt or sick and unable to work. It’s a valid concern, to be sure. Keep in mind, according to a 2017 report by the Canadian Survey on Disabilities, one in five Canadians (or 6.2 million) aged 15 and older had one or more disabilities that limited them in their daily activities.
The good news is most employers include short and/or long-term disability insurance as part of their benefits package. But the extent and particulars of the coverage offered depends on the specific policy your employer has chosen. The question then becomes: is that coverage enough or do I need to invest in an individual disability insurance plan too?
Group insurance plans
As we’ve discussed earlier (include link to the “demystifying LTD insurance blog), disability insurance plans allow an employee to receive income replacement to help cover their costs for when they can’t work. The amount they receive is typically a percentage of their income, though specifics and other details depend on the policy.
Payments for the premiums are often covered by an employee through their paychecks, though the employer may pay all or part of the premiums itself.
Individual disability insurance
When you explore the fine details of your group insurance plan, you may see that it doesn’t provide the full coverage that you’d want should a disability arise. Or you may be self-employed and not covered at all. In either case, it’s worth looking into purchasing an individual disability plan to better safeguard you and your loved ones against potential illness or injury.
While costlier than group insurance plans, the good thing about individual policies is that you can make a more informed and personal choice on the monthly benefits you receive. They’re also known to offer more features and to be more flexible. For example, when determining whether you’re eligible for coverage, individual plans often allow you to demonstrate “partial disability” as a condition for receiving benefits while most group plans require you to demonstrate “total disability”.
At Auger Hollingsworth, our priority is helping you receive the compensation and justice you deserve. Over the years, our team has helped hundreds of clients succeed in their claims for long-term disability benefits after they’ve been denied or terminated prematurely. Our track record, client satisfaction and years of experience, contribute to our respected reputation as one of the hardest-working and effective legal teams in the country.
If you want to discuss your long-term disability benefits and how we can help you secure the compensation you deserve, call us at (613) 233 4539 or email us [email protected]ottawalawfirm.ca today. Or, to learn more, visit our Long Term Disability Insurance Denials Page.