Long Term Disability

Invaluable income protection for when you’re unable to work

Like it or not, unexpected injury and illness can strike at any point. Would you be able to sustain your regular financial obligations if you needed to take an extended leave from work to recover? Long term disability coverage provides valuable income protection so that you can focus less on finances and more on getting better.

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Why long term disability insurance?

Extends beyond traditional EI coverage

LTD plans are meant to dovetail with employment insurance coverage and will commence after the mandatory waiting period has been fulfilled.

Replacing your income

Also referred to as income protection insurance, LTD plans can help you replace between 60-85% of your income if you’re unable to work due to injury or illness.

Maintain your quality of life

Many individuals rely on their ability to earn a steady paycheck and the inability to do so can provide significant impacts on their quality of life. LTD coverage helps to mitigate this.

Any questions?

Do I need to invest in disability insurance?

In our opinion, long term disability insurance is one of the most important insurances to invest in as it protects your fundamental need to earn an income. If you rely on your regular pay cheque to make ends meet, having income protection in place means that you can have peace of mind in knowing that your essential financial obligations are taken care of in the event that you can’t work due to injury or illness.
Are the payments received through an LTD claim considered taxable income?

Determining whether or not the income on an LTD payment is taxable is determined by how the premiums were paid for in the first place. For example, were they paid with pre-tax or after-tax dollars. That determinant along with other considerations will establish whether the benefit itself is taxable. A member of our team would be happy to look at your unique situation to provide a more in-depth response.
How does LTD differ from an EI claim?

The EI program offers a maximum coverage period of 15 weeks. Long term disability coverage is meant to kick in after your EI payments cease.
My industry provides WSIB coverage, do I still need an LTD policy?

In our humble opinion, yes! WSIB coverage only pertains to an injury that happens in the workplace, and not while you’re on your own time. This leaves a substantial gap in your income protection strategy which can easily be mitigated through having an LTD policy in place.