3 ms·
My LTD is 60% of my income, tax free (very important, always pay for any disability post-tax, if you don't your income from it is taxable), until I am able to m
by tcas 13y ago
My LTD is 60% of my income, tax free (very important, always pay for any disability post-tax, if you don't your income from it is taxable), until I am able to make over 80% of my pre disability income.
It provides me benefits from 6 months after my disability (I decided not to pay for short term which starts at 2 weeks until 6), and will keep going until I am ~65 years old.
- 300bps 13y agoIs it an "own occupation" policy? If not you have to be a vegetable before you can collect the 60% you signed up for.
- tcas 13y agoJust double checked. It's own occupation for 24 months, then it becomes reasonable occupation. I have a feeling that that term is something that when 24 months approach, you want a good lawyer for. Still, considering I'm paying less than a coffee per month for LTD, and personally knowing someone who was once working as a top tier developer and got into a serious biking accident that left him with brain injuries, I'm going to buy into it. Next year I'm going to push HR about that 24 month clause.
- kamaal 13y ago>>It's own occupation for 24 months, then it becomes reasonable occupation. Reasonable occupation is pretty vague and I think this kind of word-play is what helps insurance companies find reasons or even solid justifications to not pay up in the end. As your parent comment implied, the insurance company can just argue selling lemonade or pencils is a 'reasonable occupation' and can even prove there are people surviving daily on such a business. And all that can become a base reason to just not pay up.