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bpmom
Feeling Blessed
Member since 6/07 2963 total posts
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Ques about life insurance and Long-term disability --
If you pass away while on LTD from your company, does your life insurance policy that you had with the company still pay your estate? I think yes, but DH thinks no.
DH's friend passed away last week after a 2+ year battle with cancer. He had been out of work for 2+ years so he was out on long-term disability. He has three children so DH felt comfort that the company life insurance policy (which is quite generous) will help their family, but another friend says that because he was out on LTD he's technically no longer an employee and not eligible for the life insurance policy.
I don't personally know anyone who has been on LTD but I would assume you still get a paycheck from the company you had LTD insurance through, no? And that you would still have benefits of the company?? If this isn't the case, it makes me nervous that our coverage isn't adequate because God forbid DH gets sick and goes out LTD and then passes away, we'd lose his co.'s life insurance. We have another policy privately but this is a big chunk of the planned estate.
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Posted 4/15/14 8:55 AM  |
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sunnyflies
LIF Adult
Member since 9/09 1757 total posts
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Ques about life insurance and Long-term disability --
Interesting question, I hope someone who knows the answer will chime in.
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| Posted 4/15/14 11:02 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
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Beth
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Re: Ques about life insurance and Long-term disability --
I would never feel comfortable with anything thru an employer- I would want my own policy
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| Posted 4/15/14 11:11 AM |
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OnlyU12
LIF Toddler
Member since 8/13 431 total posts
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Re: Ques about life insurance and Long-term disability --
I think it depends on the employer and their policy. For my father who passed he had a small policy and was on LTD. When he passed, the money was given to my mother shortly after the death certificate was provided to them.
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| Posted 4/15/14 11:18 AM |
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FranM
And so it goes....
Member since 9/05 2217 total posts
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Ques about life insurance and Long-term disability --
It depends on the policy, some policies have an LTD premium waiver which keeps coverage intact while the insured is disabled. Sometimes you need to opt in for this, sometimes the coverage amount is discounted there are lots of variations. The executor of the estate should be in contact with the deceased employer. Sorry for your loss.
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| Posted 4/15/14 12:32 PM |
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Re: Ques about life insurance and Long-term disability --
Posted by FranM
It depends on the policy, some policies have an LTD premium waiver which keeps coverage intact while the insured is disabled. Sometimes you need to opt in for this, sometimes the coverage amount is discounted there are lots of variations. The executor of the estate should be in contact with the deceased employer. Sorry for your loss.
What she said!
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| Posted 4/15/14 4:48 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
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Ques about life insurance and Long-term disability --
So sorry for your loss, each company has different policies so they would have to check. I know with my company once you are out on ltd for a certain amount of time all your benefits (medical or otherwise) cease.
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| Posted 4/15/14 6:21 PM |
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AOMom
LIF Adolescent
Member since 11/06 856 total posts
Name:
j
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Re: Ques about life insurance and Long-term disability --
Posted by FranM
It depends on the policy, some policies have an LTD premium waiver which keeps coverage intact while the insured is disabled. Sometimes you need to opt in for this, sometimes the coverage amount is discounted there are lots of variations. The executor of the estate should be in contact with the deceased employer. Sorry for your loss.
This is correct. There is no one size fits all answer to this question because all LTD policies are different as are life insurance policies. There are many waivers, including disability, that May or may not have been available. You would have to view the individual policies to know.
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| Posted 4/15/14 7:51 PM |
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