Campbell University
Long Term Disability Income insurance can help if your disability lasts longer than your short term disability insurance will cover. It provides you with benefits to replace a part of your paycheck when you can’t work because of a sickness or injury. You may need to meet certain conditions to be eligible for benefits, such as completing a waiting period. Benefits are then paid for the duration of your medical condition to the maximum duration allowed by your employer’s plan or until you reach Social Security Normal Retirement Age.
Your Long Term Disability Income Insurance includes the following benefits:
If you are receiving monthly benefits and are participating in a vocational rehabilitation plan, you may be eligible to receive a benefit for expenses you paid to care for an eligible child.
After you have received one full year of monthly benefit payments, the Cost of Living Adjustment (COLA) will increase your benefit to correspond with normal cost of living increases.
If you are receiving monthly benefits and are participating in a vocational rehabilitation plan, you may be eligible to receive a benefit for expenses you paid to care for an eligible family member.
If your disability causes you to lose the ability to perform two or more activities of daily living, you may receive an additional monthly benefit.
If you pass away while receiving disability benefits, we may pay your eligible survivor a lump-sum benefit.
We have vocational rehabilitation services available to help you return to work when possible.
While you're receiving benefits from us, we'll waive your insurance premiums.
Modifications may be made to your workplace in order to help you return to work.
Voya Cares® is not insurance coverage. It is a service offered through the Voya family of companies.
What is Group Long Term Disability Income Insurance?
Group Long Term Disability Income Insurance provides you with benefits to replace a part of your paycheck when you can’t work because of a sickness or injury. You may need to meet certain conditions to be eligible for benefits, such as completing a waiting period. Generally, Long Term Disability benefits begin once you have exhausted your Short Term Disability benefits, if applicable. Benefits are then paid for the duration of your medical condition to the maximum duration allowed by your employer’s plan or until you reach Social Security Normal Retirement Age.
How can Long Term Disability benefits be used?
When your claim is approved, you will receive monthly benefits to replace part of your income based on your coverage level. You may use this money however you would like. Below are a few examples of how your Long Term Disability benefits could be used, depending on how much coverage you have:
This is a summary of benefits only. A complete description of Long Term Disability Income Insurance benefits, limitations, exclusions and termination of coverage will be provided in the certificate of insurance and riders. All coverage is subject to the terms and conditions of the group policy. If there is any discrepancy between this document and the group policy documents, the policy documents will govern. To keep coverage in force, premiums are payable up to the date of coverage termination. Long Term Disability Income Insurance is underwritten by ReliaStar Life Insurance Company (Minneapolis, MN), a member of the Voya® family of companies. Policy Form #HP08GP or #HP13GP (may vary by state).
Keith loves hiking and fishing, and when on a trip, Keith severely injured his hip and leg. The injury made him unable to work for a year. Fortunately, Keith had Long-term Disability Insurance through his employer. After he satisfied the waiting period, it provided benefits to replace 60% of his regular pay while he couldn’t work. As Keith was expected to recover, he was not eligible to receive Social Security Disability Insurance (SSDI). The benefit he received helped pay everyday expenses.
Example Expenses
Medical expenses | $2,000 | ||
Mortgage payment | $1,500 | ||
Other expenses | + | $1,200 | |
Total monthly expenses | $4,700 | ||
Disability benefits |
|||
Monthly LTD benefit (60% of normal pay of $3,300) | $1,980 |
This is shown for illustrative purposes only. Actual results may vary. For a complete description of your available benefits, exclusions and limitations, see your certificate of insurance and any riders.