Chances are you already purchase home and auto insurance to help protect against the loss of or damage to property. So what steps have you taken to help shield yourself and your loved ones from an unexpected loss of income? Would you be able to meet your financial obligations if you became disabled and unable to work?
Prince William County provides you with the opportunity to purchase Voluntary Long Term Disability (LTD) insurance, which is designed to pay a monthly benefit to you in the event you cannot work because of a covered illness or injury. This benefit replaces a portion of your income, thus helping you meet your financial commitments in time of need.
The risk of disability is greater than most people think. And if you're like most people, you probably think disability is something that only happens to someone else. Here are the facts:
If you are an eligible employee, you have the opportunity to protect yourself and your family by purchasing Voluntary LTD coverage through The Standard via convenient payroll deduction. The monthly LTD Benefit is a minimum of $100 to a maximum of $7,500, not to exceed 60% of your earnings prior to your disability.
Voluntary Long Term Disability (LTD) insurance is designed to pay a monthly benefit to you in the event you become disabled due to a covered illness or injury and you cannot perform the duties of your own occupation for a longer period of time than 180 days. This Voluntary LTD benefit replaces a portion of your income, helping you to meet your financial commitments in a time of need and it is payable for up to 24 months. In the event your disability prevents you from performing the duties of any occupation, benefits may be paid to you until you have reached the maximum benefit period.
If your LTD claim is approved by The Standard, LTD benefits become payable at the end of a 180 day benefit waiting period. No benefits are payable for or during the benefit waiting period.
During enrollment you may apply for a monthly LTD Benefit Insurance. For more details and answers to commonly asked questions, costs, exclusions, limitations and reductions, please review the Voluntary Long Term Disability Insurance Booklet and look for the enrollment packet that will be arriving soon at your home.