Retro Disability BenefitsSM
The Right Thing To Do
Sun Life Financial is pleased to be the first in the industry to offer an innovative benefit to help employees with serious LTD claims. In today's world of high health care costs and mortgage foreclosures, we are proud to provide this added financial boost to employees going through a tough time.
Retro Disability Benefits
are available with all Group LTD policies from Sun Life Assurance Company of Canada and Sun Life (N.Y.).
More Information
Download the Retro Disability flyer (PDF)
Retro in Real Life
Say Ann is injured in a car accident on January 1, and she's in the hospital for 3 weeks. She gets 60% of her salary through STD benefits for the first 90 days of her total disability, until April 1.
On April 1, she's still deemed totally disabled. Her LTD benefits kick in, and she starts receiving 60% of her salary through LTD benefits.
With Retro Disability Benefits, Sun Life Financial would send Ann an extra check soon after April 1 that equals 90 days of LTD benefits. If Ann's salary was $40,000, this check could be as high as $6,000!
How it Works
Typical LTD plans have an elimination period, during which time LTD benefits are not paid. With Retro Disability Benefits, LTD claimants still must complete the elimination period. However, at the end of the elimination period, we will pay them LTD benefits for that entire period, starting from the first day they were deemed totally disabled! The claimant receives the benefit as a lump sum payment, and then regular LTD benefits begin on a weekly basis.
Who is Eligible
Employees who have completed the elimination period, who have been approved for LTD benefits, and who were continuously hospitalized for 14 days or more due to the disability.
The Best Part
We pay this benefit as a lump sum. This means that after the elimination period is over, the employee gets a benefit check in the mail. Plus, we won't offset for earnings, sick pay or other insurance benefits.
The Right Thing to Do
Although the incidence of these serious claims is relatively rare, it does happen. More than 250,000 U.S. workers are hospitalized for 14 days or more every year. We also know that a catastrophic health event can easily turn into a catastrophic financial event. Retro Disability Benefits can make a world of difference to employees in need.
For more information about Retro Disability and our other innovative employee benefits, contact your local Sun Life Financial Employee Benefits Group Sales Representative.
