According to the Financial Consumer Agency of Canada, long-term disability should replace around 60 to 70% of your regular income. However, depending on your provider, the answer to ‘how much of my income will long-term disability replace?’ may include up to 85% of your regular pay. You may need to prove that you are unable to work in any capacity in order to qualify. This long-term disability covers all jobs, from construction workers to nurses and beyond.
What Qualifies as a Disability
The specifics of your insurance policy may vary depending on your provider, but the definition of disability generally means that you have an ailment that keeps you from performing the basic duties in your line of work. This means that the disability could be either an injury or an illness, as either could prevent a person from physically and mentally doing the job at hand. For virtually any policy, whether it is from a private company or a non-profit source like the government, you may need to prove that your injury disabled you through filing the appropriate paperwork and getting medical examinations. These checkups may need to occur periodically for the payments to continue on a long-term basis, especially if the payments occur over the course of several years.
When You Might Begin Receiving Your Payments
No matter what source you have gone to for your long-term disability, there may be a buffer period between when you become disabled and when you begin receiving your payments. You may need to be out of work for several months until your policy kicks in. Luckily, in the meantime, you may be able to apply for short-term benefits to stay afloat until your long-term policy goes into effect.
Having Multiple Policies at the Same Time
In some cases, you may be able to have multiple long-term disability policies at once, although you might not be able to make more money in this way, as the two policies may equal the same amount of total money. For example, if you did a private long-term disability plan for $5,000 per month and also qualified for a government sponsored plan, the total would remain the same. In these cases, you just receive two separate cheques for varying amounts that equal the total you were approved for. The private amount paid would simply subtract what the government was paying you, making your benefits the same. However, some private policies will deduct benefits you may not even be receiving but are entitled to, so it is important to check with your insurance provider.
Long-Term Disability May Be Offered Through Your Workplace
Many workplaces offer long-term disability plans in Canada, but they may take a portion of your paycheque in order for you to qualify for benefits. Additionally, you may need to be working for the company for a certain amount of time before becoming eligible.
Many companies offer workers’ compensation programs in the event that an employee becomes injured on the job. This is different than long term disability benefits.
Long-Term Injury Lawyers May Fight to Get You Compensated
The long-term disability lawyers at Preszler Injury Lawyers are here to help protect our clients’ right to compensation when they file for long-term disability claims. Our team may assist you with the legal process ahead, whether you were denied for your claims or are simply wondering, how much of my income will long-term disability replace? After all your hard work, you should be protected when you become unable to work due to disability, illness, or injury.
To learn more, contact a Preszler Injury Lawyers team member today at 1-800-JUSTICE for your free consultation.