DISABILITY INSURANCE, WHAT IS IT?
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 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.
Since 1956, Kelly Greenway Bruce has built a foundation in the community and we have come to be recognized as a leader in passionately advocating and achieving outstanding results for all of our clients.
If your insurer denies your disability claim you should contact our office immediately to arrange an appointment and allow us to review your policy and discuss your options. Let our years of experience in dealing with these types of disability matters work for you!
The above information is of a general nature and is not intended to provide legal opinions. Readers should seek professional legal advice on the particular issues which concern them. We would be pleased to elaborate on any information contained above and how it may apply to your specific circumstances.