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Long Term Disability (LTD)

Being disabled means that, as a result of an injury or illness occurring during the exclusion period, and the first 36 months of the disability benefits, the individual is considered to be Self-Employed. After the first 36 months of disability benefits, any labor definition becomes effective and the salary is less or equal to 60% of the salary earned before the disability.


Monthly benefit


The benefit for employees may be 50% or 60% of their monthly salary. The options for the maximum monthly benefit are $3,000, $5,000, or $6,000.


Benefit Period


After fulfilling the chosen exclusionary period, (60, 90, or 180 days), and upon approval, the employee may become eligible to receive benefits for a period from 5 years and up to the employee reaching the age of 70. It depends on the age the disability and risk assigned to this employee start.


Participation Requirements:


These minimum participation requirements must be met:


• 2 to 5 eligible employees: all must be insured


• 6 to 9 eligible employees: all, except one, must be insured.


• Group insurance policy effective date:


The effective date is the first day of the month following the receipt and approval of all the application materials


• Contribution Levels:


If all the Plan requirements are met, the employees may contribute up to 100% of the premiums. However, if the employee pays 100% of the premiums, all eligible employees must be insured.


Rehabilitation Benefits


Our rehabilitation benefit provides services to aid the employee in returning to work as an active part time or full time employee.


Work Area Accommodations Benefit


This benefit provision allows the employer to aid the employee in returning to work. The benefit is payable up to 100% to the employer for reasonable costs incurred in facilitating an employee’s return to work or to help the insured to continue working.


The limited benefit for a long term disability before our LTD Plan provides a limited disability benefit resulting from a preexisting condition occurring within the first 12 months of coverage. It pays 30% of the monthly basic salary up to a maximum of $3,000 per month, minus other salary benefits, for a maximum 12 month period.


Return to Work Incentive


Our LTD Plan includes an incentive for the insured to return to work during a disability. During the first 12 months of LTD benefits there is no compensation for other salary amounts including income from work, until the amount of the other salary, income from work and the net benefit to the insured exceed 100% of the income the insured had before the disability.


Collective Life Insurance and Accidental Death for Small Groups


Benefit:


The options for the insured amount are $5,000, $10,000, or $15,000. The option is a group selection: this means that all the insureds under the group will have the same coverage. Double indemnity in case of accidental death or dismemberment.


Coverage Termination:


The coverage will be terminated upon the occurrence of any of the following events:


• Any eligibility requirement is not met.


• The LTD coverage is cancelled


Important: Premium waivers, supplemental life insurance, dependent life insurance, or triple indemnity in case of accidental death or dismemberment in a collective transportation vehicle are not compatible with this type of contract. Employees residing within the work premises are not eligible.




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