Long-Term Disability
Why would I need LTD insurance?
If there’s one thing you can expect, it’s the unexpected.
Whether you’re responsible for a family or just yourself, you may have rent or
mortgage payments, tuition, and regular monthly bills. If you’re unable to
work, there’s an affordable way to help protect your lifestyle and the people who
depend on you.
Voluntary Long Term Disability (LTD) insurance from The Standard fills the income gap between
coverage you may already have, such as OTRS, and the income you had before
you became disabled.
Employees may participate in optional long-term disability plans by paying the low monthly premium. You must be off work at least 180 days (6-months) and be approved before this benefit begins.
| |
Plan 1 |
Plan 2 |
High Option
(Plan 5) |
Benefit Percentage |
66 2/3% |
50% |
66 2/3% |
Maximum Monthly Benefit |
$5,000 |
$2,000 |
$15,000 |
Minimum Monthly Benefit |
$100 |
$100 |
$100 |
Annual Income Requirement |
None |
None |
$80,000 |
Plan 1 - 66 2/3 percent of pay, includes a cost-of-living adjustment and contributions to the Defined Contribution Plan.
Plan 2 - 50 percent of pay, does not include cost-of-living adjustment or a contribution to the Defined Contribution Plan.
High Option - 66 2/3 percent of pay, applies only to employees earning $80,000 or more annually.
