Long Term Disability

Long-Term Disability Insurance

When an employee can’t work for a long period of time, a long-term disability insurance plan can help cover a portion of their lost wages. Long-term disability insurance usually starts after a short-term disability policy has reached its end. Also know as an elimination period. 

As an employer, you can decide how much long-term disability insurance coverage to offer your employees. Most LTD plans cover 50-70% of monthly salary. The duration of the benefits also vary. Some plans will cover 5-10 years’ worth of disability benefit to anyone who qualified for the coverage, while others will pay out until age 65. 

Plan handbook rules dictate certain requirements under which employees can qualify for coverage and file for long-term disability, including:

  • Employees need to work for the employer for a specific amount of time before coverage begins
  • Employees need to work full-time, usually 30 hours or more a week

The value of short-term & long-term disability insurance

Disability insurance helps to address basic, physical needs including daily living expenses – giving your employees the financial freedom to recover without the added stress of lost wages. 

A sudden loss of income due to a disabling illness or injury is a heavy financial risk. Helping employees plan for the unexpected can help diminish those hefty financial burdens. By offering short-term disability insurance and long- term disability insurance, you can enhance the total scope of your benefits package and provide important coverage to your employees.

Cost-effective disability insurance solutions offered through MCI

At MCI, we offer streamlined access to fundamental disability insurance coverage. We connect you to nationally recognized insurance carriers to provide various, cost-effective choices that can be designed to meet the needs of your company. The best part is, you can count on a knowledgeable, licensed insurance agent to help you navigate the many disability insurance choices available.