Disability Insurance

A disability can be sudden due to an accident or progressive due to a degenerative condition, both affect your ability to continue to earn a living at your place of employment. Group Disability Insurance benefits provide coverage that protects your employees from income loss due to disability. It is a positive way to take care of your work force and is considered a great addition to any Employee Benefits package. 

Disability insurance benefits would allow for the time for these people to recuperate and have income replacement typically up to 60 to 85 per cent of their regular income. It is important to note some plans pay tax-free benefits while others are taxable as well as a recipient can receive disability benefits from more than one source. This is where we can assist you in understanding these differences and sources to co-ordinate the best plan for your business. 

Short Term Disability (STD)

Short term disability (STD) benefits plans (also known as weekly indemnity or WI for short), can be beneficial for your organization and are easily administered through an insurance company or third.
STD benefits are very specific and payment of benefits will begin after the qualifying period usually 3 to 7 days after the last day worked.  Except for disabilities resulting from an accident or hospitalization benefits may start on the first day. The definition of an eligible disability is linked to the employee's inability to perform any or all aspects of their occupation. It is important to note the tax implications of an STD plan.

It is also important to note the Employment Insurance (EI) implications of an STD benefits plan. If the STD benefit is equal to or better than the disability benefit provided under the Employment Insurance (EI) system, you (the employer) can register the plan and qualify for a reduced EI premium rate. There are steps involved in registering the STD plan and we can assist you with that process. 

Long Term Disability (LTD)

Long term disability insurance (LTD) protects an employee from loss of income in the event that he or she is unable to work due to illness, injury, or accident for a long period of time. Some estimates state that the average employee with long term disability misses 2.5 years of work. Benefits are payable after the expiration of a qualifying period (as with STD benefits), during which time the employee is typically receiving benefits under a salary continuance plan, short term disability (STD) plan, or Employment Insurance (EI). Coverage typically ends when the insured reaches age 65 as well as other reasons for Termination of Benefits which will be defined in your policy. 

With all Disability Insurance policies certain illnesses can be excluded. For the details of what is covered and not covered, you need to read the policy. The benefits booklet provided is a great place to start. We are also here to ensure you and your plan members are taken care of. 

Offering Disability Insurance as a part of a competitive Group Benefits Plan can help you attract and retain talented employees, support employee health, and inspire loyalty. 

Contact one of our Benefits Specialists today and let’s get working with you! Email us at better@hubbardinsurance.com or call 905.696.9090 where you’ll be “Well Advised. Well Protected^TM.”

Alternatively fill out the Get a Quote form and we will contact you as soon as possible.

Other Insurance Coverage to Consider

GENERAL BUSINESS INSURANCE

Protect your business property and assets as well as your reputation from lawsuits, accidents and more.

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DIRECTORS & OFFICERS INSURANCE

Coverage for Directors & Officers protecting themselves and their organizations reputations from allegations of negligent acts.

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EMPLOYEE BENEFITS

You want more than just drug and dental benefits coverage. We offer you more unique tailored benefits for your business and employees.

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