Long Term Care Insurance Consumer Buying Guide.
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Annuities: The Shocking Secrets Revealed.
Many employed Canadians are covered for disability through their employer's group benefits program.
I. Group Plans
The contract is between the insurer and the employer and the employer is referred to as the insured. Disability coverage generally terminates when the employee not longer working for the company.
The types of disability coverage available covered under employer's group benefits are
1. Short Term Disability pay benefits:
a) from the first day due to accident.
b) after a short elimination period for sickness, usually 15 days.
Benefit periods for STD benefits generally range from3 months to 2 years.The benefit amount is based on weekly income rather than on monthly income. There is a wide variation in the percentage of income paid, the most common being 66 2/3%.
2. Long term disability pay benefits:
Long term disability begins when the short term disability coverage end. The benefit period for long term disability is usually paid to age 65, although there are shorter periods available. The long term disability benefit amount is based on the person's monthly income.The most common amount of the benefit is 66 2/3%.
II. Associate plans
As with this group plans, the relationship is between the association, as the insured, and the insurer and coverage terminates when the individual ceases to be a member of the association. Premiums are usually less that premium for individual plans, because of restrictive nature of the coverage such as lack of flexibility and restrictive definitions.
Typically Association Plans often have schedule rate increase every 5 to 10 years These plans will normally have lower rates for younger participants.
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