Permanent Disability Insurance
Permanent Total Disability policies provide a lump sum beneﬁt as a result of an accidental bodily injury or sickness.
Long-Term Disability (LTD) policies have a waiting period of several weeks to several months with a maximum benefit period ranging from a few years to the rest of your life.
A lump sum benefit payment will be paid if the insured is permanently totally disabled. This benefit is often thought of as a “career-ending benefit” to recoup the loss of future earnings. Benefits can be up to 10 times annual income.