Disability Income

A long-term or permanent disability, whether from illness or an accident, is shattering enough without the financial hardships that can result from being unable to work.

The Long Term Disability (LTD) Plan was designed to provide income should you become disabled and unable to maintain employment either permanently or for an extended period. The following answers many of the most frequently asked questions about LTD insurance.

Why disability insurance?

Should you become profoundly disabled due to an accident or illness, you may become unable to continue working. Disability insurance provides a continuation of income that allows you to meet your monthly rent or mortgage and utility bills, buy food and clothing, and other day-to-day necessities.

Who needs disability insurance?

If you are self-employed, or your employer does not provide this benefit, the Long Term Disability (LTD) plan is essential to your financial security.

What does the Long Term Disability (LTD) Plan cover?

When you take out a BF&M LTD Plan, you choose a benefit amount of up to 60% of your monthly salary (to a maximum of $7,000 per month) and specify a Benefit Period of 1 year, 2 years, or until age 65. You also choose an Elimination period (the length of time you must be disabled before monthly benefits begin to be paid) of 30 days, 90 days, or 180 days.

What happens if I become disabled?

If you become disabled, notify BF&M immediately. We will contact your doctor to complete the necessary forms. If you remain disabled after the Elimination Period, you will receive benefits monthly until you return to work, or until the end of the Benefit Period, whichever comes first. Proof of continued disability is required once a year.

How much does the plan cost?

The cost of the premium depends on the amount of coverage, Elimination Period, and Benefit Period you choose. Your age, sex, and health status also effect the cost of coverage. Premiums can be billed monthly, quarterly, semi-annually, or annually.

How can I get more information?

Simply complete the Information Request Form or call your BF&M Representative.

Expertise is yours for the asking.