Content Overview
- Summary
- Eligibility
- Probation Period
- Pre-Existing Condition Provisions
- Total Disability Definition
- Elimination Period
- Offsets
- Benefit
- Survivor Benefit
- Partial Disability Or Residual Benefit
- Recurring Disabilities Provision
- Maximum Benefit Period
- Mental And Nervous Limitation
- Other Exclusions And Limitations
- Rehabilitative Training Or Employment
- Waiver Of Premium
- Conversion Privilege
- Insurance Company Financial Situation
- Income Taxability Of Disability Insurance Benefits
Disability Insurance: Long Term: Group
Benefit
Next » « Previous8/19
The benefit amount under group Long Term Disability plans is usually expressed as a monthly benefit which is a percentage of your salary, with a cap. A typical plan reads: a benefit in an amount equal to “60% of your Basic Monthly Earnings to a maximum monthly benefit of $5,000.”
Each plan defines the earnings on which the benefit is based. Generally, the earnings on which the benefit is based is your gross (not your take-home) salary at the time you became disabled. The definition will also state whether the earnings on which the benefit is based includes overtime, commissions, bonuses, etc. Generally these extra amounts are not included.
Get Your Personal Guide
Please share how this information is useful to you. 0 Comments
Post a Comment Have something to add to this topic? Contact Us.