contract ltd summary and information booklet
amount
60 % of monthly basic earnings to a maximum benefit of $5,000 per month, reduced by direct offsets and indirect offsets. note: the benefit amount will be further reduced, if necessary, so that total benefit income from all sources does not exceed 80% of pre-disability monthly net income.
elimination period
119 days or 17 weeks
pregnancy – the elimination period commences on the date pregnancy terminates, or if earlier, the date you are totally disabled.
maximum indemnity period
for a maximum of 3 years, not to exceed the employee’s 65th birthday.
benefits under this long term disability insurance provision are non-taxable.
when an insured employee becomes totally disabled* according to the terms of this benefit and the company has begun making monthly benefit payments, then the benefit payments shall cease on the earliest of:
- the date the insured employee ceases to be totally disabled; or
- the date when the specified maximum benefit period has been reached, or the attainment of age 65; or
- the date on which the disabled employee fails to furnish satisfactory proof of the continuance of total disability, or fails to submit an examination requested by the company; or
- the date the employee is not under the continuous care of a physician who has the medical credentials deemed appropriate to the company; or
- the date the employee refuses to enter a rehabilitation program which is considered appropriate by the company; or
- the date the insured employee dies.
*totally disabled – you are considered totally disabled if you are deemed not able by the company to perform at least 60% of the regular duties of your own occupation for any employer for which you are reasonably fitted or could so become by training, education, or experience
ltd information booklet
- contract employee