Lifetime Income Benefits

Lifetime income benefits are also known as Lifetime income benefits or LIBs, which corresponds to its acronym in English. Knowing them is of the utmost importance to be able to recognize when are the situations in which they apply. These compensations or benefits are directed to workers who have suffered a series of mishaps that prevent them from continuing their work.

In addition, it is necessary to take into account what are the amounts to obtain and thus have a clear idea that corresponds to the condition. In the same way, it is essential that you know the process to be able to apply for these benefits. Achieving in this way to perform these tasks successfully and with greater security.

What are Lifetime Income Benefits or LIBs?

Some of the Lifetime income benefits are given to workers in the following cases:

  • When there is a total and permanent loss of sight, especially if it happens in both eyes.
  • In case some of the body members are lost, whether it is hands and feet. No matter if it’s just one hand, one foot or both.
  • At the time of presenting a spinal cord injury that may compromise the legs or arms. Where their situation may result in an impediment to perform their duties.
  • Likewise, it applies to events in which brain conditions are compromised and there is an injury that results in dementia or mental retardation.
  • Finally, in cases of third-degree burns that may compromise 40% of the body and in which reconstruction surgeries must be performed on the skin. The same applies to those cases in which the burns are on the hands and face.

What can you get if you receive these benefits?

What can be obtained after requesting Lifetime benefits is what corresponds to 75% of weekly income, with the possibility of an annual increase of 3%.

The process to request them and meet the necessary requirements is through requests issued to insurers. The time that could be taken to receive responses is 60 days. At the end of this period, fifteen days will be taken to receive the first payment of said benefit.