1. MB Reward & HR
Solutions
Plan type Timeframe Payment Controls
Company salary or 'self-insured';
sometimes partially-insured
Typically between 2
weeks and 26 weeks
maximum
Normal salary
Company internal absence management
process
Income Protection (IP) Insurance
Typically 2 or 3 years
maximum
Monthly payments (% of
salary) or occasionally lump
sum
Annual medical review
Long-term Disability (LTD) Insurance
(sometimes IP or PHI)
Typically 5+ years
maximum or until
retirement
Monthly payments (% of
salary) or occasionally lump
sum
Annual medical review
Permanent Health Insurance (PHI)
Until normal
retirement age/date
(NRA/D)
Monthly payments under
IP/LTD (% of salary) or lump
sum (PHI)
Medical review / decision re permanence or
otherwise of the disability
Critical Illness Insurance n/a
Single cash lump sum
payment
Medical review / decision re whether or not
the illness meets the insurer's definition of
'criticality'
Death / Accidental Death & Dismemberment
AD&D AD&D Insurance n/a
Single cash lump sum
payment
Medical review/decision re injury / disability;
Death certificate
Life Assurance n/a
Single cash lump sum
payment
Death certificate
Plan category
A GUIDE TO EMPLOYEE INSURED RISK BENEFITS -
ILLNESS, DISABILITY AND LIFE ASSURANCE
Death
Critical Illness
Often combined
in one plan.
The terminology
is also often
cross-utilised
Medium-term illness/disability
Long-term illness/disability
Permanent disability
TotalPermanentDisability
Temporary
Disability
Critical Illness
Short-term illness/disability
Typically paid as full salary by
the employer, either voluntary
or State-mandated