Many employee benefit plans have long term disability coverage to protect their employees if they are unable to work due to illness or injury.
How well do your employees understand the waiting period and how long they will need to wait before they receive a benefit.
Typically the waiting/elimination period is 17 weeks. While the sickness benefit through Employment Insurance has a two week waiting period and a 15 week payment period, it provides only a benefit of 55% of weekly earnings up to a maximum of $524/week.
Will your employees be able to meet their financial obligations during this 17 week period?
By including a Critical Illness benefit to complement the long term disability benefit, those employees who are off work for one of the covered illnesses, could receive a lump sum payment 30 days after their diagnosis. This can be used to cover any shortfall, and does not affect their long term disability benefit.
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