Long-term disability coverage

Imagine for a moment that one of your employees got into a serious crash while commuting home. The employee is going to recover – but it will take months of intense therapy before he can return to work. By that time his Employment Insurance will have run out. So will his savings. He and his young family will face a tough time making ends meet. The accident was not work-related, so WorkSafe BC won’t pay anything. 

You’d like to help. But, frankly, your company just can’t afford to pay someone who isn’t working. 

Fortunately, your company has a benefits program that includes long-term disability coverage –the kind of coverage designed for exactly this situation. The paperwork is simple. The claim will be quickly approved. 

You feel relieved, because the employee will be looked after. Your other employees realize the value of working for an employer who provides such a thorough – and compassionate – benefits package. And the injured worker and his family can relax, knowing that they will receive a tax-free income they can live on until he is fully able to return to work. 

When we do an employee benefits information session, it’s surprisingly common to hear such comments as:

• “I didn’t realize that I was covered 24-7, even when I’m not at work.”

• “I had no idea that, as long as I’m unable to work, I would keep receiving payments until retirement at age 65.”

• “I didn’t realize this covered things like depression or stress. I thought ‘disabled’ meant only physically disabled.”

We tell our clients all the time that the long-term disability portion of their benefits program is the most valuable part of the plan. It’s also the most often misunderstood part. Most employers and their employees forget all about the disability coverage – until a serious accident occurs.

As the business owner, having long-term disability coverage in your benefits package shifts the risks over to the insurer. If an employee has to be off work for a long time due to some disability, the employer is relieved of any legal or moral responsibility for looking after the employee and his or her family.

If you haven’t already done so, consider adding long-term disability to your employee benefits program. I’ll be glad to provide more information, and to answer any questions you may have.