Disability Insurance: Why You Need It and How to Get It?
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| disability insurance |
Disability Insurance Explained
Disability insurance pays you a portion of your income loss if you are unable to work due to disability. You will need to look at your policy to see if you are covered by short or long term disability plans or both. short term disability (STD) will allow disability payments following a short waiting period. the length of time the payments will continue will be set out in the policy but normally they are for a limited time only, often 3 to 6 months.
Once your STD coverage is completed you may have access to long term disability (LTD) benefits. When, or if, this coverage comes into play will be set out in the policy. to qualify initially for LTD insurance benefits you must normally be unable to perform the essential duties of your own occupation. (Own occupation test) this test usually applies for two years.
In order to qualify beyond that timeframe you must generally prove an inability to perform the essential duties of any occupation that you would be suited for by reason of education, training or experience. (any occupation test ) The time limits for which benefits are payable as well as the applicable tests and when they apply are detailed in the policy so it is essential that these documents be reviewed carefully.
Benefit amounts will vary from policy to policy but will cover a portion of your salary based commonly upon a percentage to a maximum monthly amount. the percentage available to you will again be set forth in the policy but will commonly range from 60% to 80%.
the obligation is always on you to prove you meet the definition of disability to qualify for benefits. If your insurer does not accept that you qualify for benefits they will deny your claim. there are strict time limits and actions that must be followed to assert your claim once denied. Failure to adhere to these time restraints could be fatal to your case.
DISABILITY CLAIMS
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| what is disability insurance |
Many individuals who are unable to work may have coverage under short and long term disability plans provided through their employer or purchased privately. Often individuals are denied these benefits by insurers on the basis of insufficient proof of disability. Insurers will often argue that if you are suffering from injuries that cannot be demonstrated through X-Rays or MRlS then you have no claim. That is simply not true!
Often people may be disabled as a result of injuries such as chronic pain or other soft tissue injuries. Proof of these types of disabilities can often be difficult and it is essential the necessary evidence be obtained and submitted in a timely fashion.