Long-Term Disability Insurance: Comprehensive Protection for Your Future
Life is unpredictable, and while we hope to stay healthy and active, unforeseen events can sometimes take us by surprise. Long-term disability (LTD) insurance is an essential safety net that provides financial protection when a disability prevents you from working for an extended period.
At Invesmar, we are committed to helping you safeguard your future by offering comprehensive LTD insurance tailored to your unique needs.
An unforeseen accident or illness that prevents you from earning a living can have a drastic and devastating effect on you and your family.
Consider the following numbers for a 50 year old person who suffers a long term disability:
Loss of earnings if disabled.*
Consider the following for a 35 year old person:
The chance of him or her being disabled for 90 days or more before the age of 65 is over 40%; and the average length of a disability that lasts over 90 days is 3 years.
Long term disability insurance is therefore just as important (and, in many situations, more important) than life insurance.
What is Long-Term Disability Insurance?
Long-term disability insurance replaces a portion of your income if you’re unable to work due to a disability caused by illness, injury, or a chronic condition. Unlike short-term disability insurance, which covers temporary absences from work, LTD provides coverage for a longer duration, often until you recover, reach retirement age, or your policy limit is met.
LTD insurance is not just about protecting your finances; it’s about ensuring your peace of mind during challenging times. With LTD coverage, you can focus on your recovery without the added stress of financial instability.
Key Features of Long-Term Disability Insurance
Income Replacement
LTD insurance benefits can replace a substantial portion of your pre-disability income, ensuring you can meet your essential expenses such as mortgage payments/rent, utilities, groceries, and medical bills.
Customizable Coverage Periods
Policies can vary in length, offering benefits for a set number of years or until you reach retirement age. You can choose a coverage period that aligns with your financial goals and responsibilities.
Definition of Disability
The policy defines what qualifies as a disability, which can include:
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Own Occupation: You’re unable to perform the specific duties of your current job.
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Any Occupation: You’re unable to perform the duties of any job for which you’re reasonably qualified based on your education and experience.
Elimination Period
The elimination period is the waiting time between when a disability begins and when benefits are paid. Typical elimination periods range from 90 to 180 days.
Additional Riders
Enhance your policy with optional riders, such as:
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Cost-of-Living Adjustment (COLA): Adjusts your benefits to keep up with inflation.
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Return-to-Work Incentives: Provides support as you transition back to work.
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Partial Disability Benefits: Offers coverage if you can work part-time but not full-time due to your condition.
Why is Long-Term Disability Insurance Important?
1. Protect Your Income
Your ability to earn an income is one of your most valuable assets. LTD insurance ensures that an unexpected disability doesn’t derail your financial stability.
2. Cover Medical and Living Expenses
Disabilities often come with increased medical expenses, such as treatments, therapies, and medications. LTD insurance helps cover these costs while ensuring your daily living expenses are met.
3. Avoid Financial Hardship
Without LTD coverage, a prolonged disability could deplete your savings, forcing you to make tough financial decisions. LTD insurance prevents this by providing consistent income.
4. Peace of Mind for You and Your Family
Knowing that you’re protected in the event of a long-term disability allows you and your loved ones to focus on what matters most: your health and recovery.
Who Needs Long-Term Disability Insurance?
LTD insurance is beneficial for anyone who relies on their income to support themselves or their family. This includes:
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Employees: Those without employer-provided disability benefits or with limited group coverage.
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Self-Employed Individuals: Entrepreneurs and freelancers who don’t have workplace coverage.
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High-Income Earners: Professionals whose standard of living depends on maintaining a significant income.
How Does Long-Term Disability Insurance Work?
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Application and Approval: Choose a policy based on your income, occupation, and financial needs. Underwriting may involve a medical exam.
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Premium Payments: Pay premiums regularly to maintain coverage.
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Claim Process: If you experience a qualifying disability, file a claim with the necessary documentation.
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Benefit Payments: Once approved and after the elimination period, receive monthly benefits for the duration of your disability or the policy term.
Why Choose Invesmar for Your Long-Term Disability Insurance?
At Invesmar, we prioritize your peace of mind and financial security. Our approach to LTD insurance includes:
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Personalized Guidance: We work closely with you to understand your needs and recommend the best coverage options.
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Transparent Policies: We ensure you fully understand your policy, including benefits, exclusions, and costs.
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Ongoing Support: From choosing a policy to managing claims, we’re with you every step of the way.
Start Protecting Your Future Today
Long-term disability insurance is an investment in your financial well-being and peace of mind.
Whether you’re planning for the unexpected or want to supplement existing coverage, we’re here to help you find the right solution.
Contact us today to discuss your options and secure the protection you need for a brighter, more secure future.
CONTACT US
ADDRESS
6D – 7398 Yonge Street, Suite 202
Thornhill, ON L4J 8J2
TELEPHONE
FAX
(905) 707-5540
Arthur Standil: standil@invesmar.com
Shari Standil: sstandil@invesmar.com
Macey Standil: mstandil@invesmar.com
