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Should I consider adding Long-Term Disability benefit to my group benefits plan?

Posted Jan 6th, 2017 in Employer FAQs

Definitely! While some benefits advisors may sell cheaper and more attractive plans without Long-Term Disability (LTD), a LTD benefit is very important in protecting the financial well-being of employees.

Let's put this question in context.

Think about it this way: While most employees push for more immediate and visible benefits such as dental and vision, very few employees will ever be forced to sell their homes because they need eyeglasses or dental work.

However, a steady loss of income for continuous periods of time can have much more serious repercussions.

In Ontario, most employers participate in WSIB (Workplace Safety & Insurance Board) which provides replacement of earnings for employees disabled by workplace illness or injury.

Statistics show that 3 out of every 10 workers between the ages of 25 and 65 will experience an accident or illness that keeps them out of work for three months or longer, with nearly 60% of these injuries occurring off the job.*

If it's a risk you can mitigate for both your company and your employees why not consider it?

With a Long-Term Disability benefit in place, the risk to your employee should something occur is mitigated.

And, from a financial perspective, if they cover it themselves, it can make a lot of sense for both you and them.

For you, because your company will have more options for offering other benefits. For your employees, because they are covered with pre-tax dollars, which gives them far more value.

* Why employees should pay all of an LTD premium, J. Bascom, April 11, 2012

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