In a long-term disability claim, the “maximum monthly benefit” refers to the highest amount of monthly disability benefits that an insured is eligible to receive under their disability insurance policy.
The maximum monthly benefit amount is typically determined by the terms of the policy and may be based on a percentage of the insured’s pre-disability earnings or a specified dollar amount.
For example, if the policy provides a benefit amount of 60% of the insured’s pre-disability earnings, and the insured’s pre-disability earnings were $10,000 per month, the maximum monthly benefit would be $6,000.
It’s important to carefully review the terms and conditions of an individual disability insurance policy or group long-term disability insurance policy to understand the maximum monthly benefit amount, as well as any exclusions, limitations, waiting periods, and benefit periods that may apply.