Page 5 - MI New Hire webinar
P. 5
Long Term Disability
The average group LTD claim last 2.6 years. That translates to no paycheck for 135 weeks.
• Own Occupation definition of disability
• 1% Loss of earnings
• Benefit amount is 60% of gross monthly income
• Maximum monthly benefit up to $15,000
• 90 day elimination period
• 3/12 pre-existing condition limitation
• Mental & nervous limitation of 1-year
• Drug and alcohol limitation
• If disabled before age 60, to your designated retirement age, if disabled at 60 or above reducing benefit duration
• Premium costs an average of 76% less than individual LTD plans
