Long Term Disability (LTD) insurance helps replace a portion of your income for an extended period of time ceasing at Normal Retirement Age.
The benefit amount is 66 2/3% of your pre-disability monthly earnings to a maximum monthly benefit of $6,000. Benefits would begin after 180 days of disability.
This is a voluntary benefit and you will be payroll deducted based on your age and earnings. The rates change every 5 years and your cost can be found in the Guardian kit in Resources. The cost is based on $100 of covered monthly payroll. Your deductions will be taken on a post-tax basis so should you receive payment from Guardian for a claim, it would be tax free.
A pre-existing condition applies to this LTD plan as well (same as STD plan).
