Yes, you can collect benefits from more than one long-term disability policy. You may buy into a group long-term disability plan through your employer, pay premiums for a personal long-term disability insurance policy, and possibly collect disability benefits from the Canada Pension Plan.
However, the total amount you may be able to collect from all available policies could only compensate you for 60-70% of your regular pay, subject to the wording of the policy. In some cases, this value may fluctuate up to 85% of your salary.
Many long-term disability insurance policies reduce the amount of benefits available to recipients if they collect disability income from other sources. For example, if you receive benefits from the Canada Pension Plan, the amount of long-term disability benefits you may be able to claim from other insurance policies may be reduced to ensure the total value of your benefits does not exceed 70% of your regular wages.
Waiting Period for Long-Term Disability Policy
Every insurance company has different requirements that must be fulfilled before granting long-term disability benefits to eligible recipients. On average, eligible recipients may be required to wait between 90-120 days after their application is submitted before their insurance company begins making payments to them.
Some companies may start paying recipients sooner than that. Other companies may take up to six months to begin paying out long-term disability benefits to approved claimants. These large discrepancies can make it difficult for benefits recipients to manage their expectations of their own waiting period’s length of time.
The length of waiting periods could vary because insurance providers perform thorough medical reviews to ensure that a claimant’s injuries fall under their definition of “disability.” These definitions may differ from company to company. Generally speaking, if your condition prevents you from performing any of the regular duties of your job, you may meet your insurance provider’s requirements, and therefore be eligible to receive long-term disability benefits.
In certain cases, insurance companies may deny claims for long-term disability benefits when they believe the claimant’s injuries do not meet their requirements. In these cases, claimants may decide to appeal an insurance company’s decision.
Before receiving their first long-term-disability benefits payment, claimants may be required to use their available sick leave, vacation time, and short-term disability coverage. Many employers offer sick days and short-term disability options to their staff. In addition, individuals requiring long-term disability benefits may be eligible to receive a form of back-payment through their long-term disability policy. That way, claimants might be compensated for a certain percentage of incomes lost during this waiting period once their regular benefits payments begin.
Not All Employees Are Eligible for Long-Term Disability Benefits
Many employers offer group long-term disability insurance policies to their staff. Employees pay into these group policies by contributing a portion of their regular salaries throughout the length of their employment.
Typically, employees may not be eligible to claim long-term disability benefits until they have paid off the premium required to qualify. As such, an employee may need to work for an employer for a significant period of time before they’ve contributed enough to their insurance plan to be eligible to claim long-term disability benefits.
Employers may provide their staff with options to buy into their policies faster when they begin their terms of employment. Companies may decide to offer this option as a way of protecting their employees in case an unforeseen circumstance arises that requires them to take an extended leave of absence.
Finding a Long-Term Disability Lawyer to Fight for Your Compensation
If you meet the criteria for long-term disability benefits, but your claim has been denied, Preszler Injury Lawyers may be able to help you recover compensation. If you qualify for benefits and your claim was unfairly denied, we may be able to investigate your claim, appeal the insurance company’s decision, and help protect your right to receive compensation when you need it most. To find out more, contact Preszler Injury Lawyers today at (416) 364-2000.