Long Term Disability
Long-term disability insurance has proven to be a financial life-saver, literally, enabling the insured and their families to afford the necessities of life. If you have the option of adding LTD to your benefits package, this is an opportunity to protect yourself and your family.In an unfortunate occasion when you are unable to work for an extended period of time, whether due to accident or illness, LTD will assist you through a challenging time in your life.
Do you have long term disability insurance?
Your employer might include LTD insurance as a standard part of their benefit package so that you are automatically enrolled in the program, but you should be aware of the following:
- LTD insurance is available only up to age 65; similarly, payouts end when the insured turns 65
- There is a ‘qualifying period,’ generally anywhere from two to six months, from the date that you are acknowledged as being disabled until you begin to receive benefits. Generally, the longer this period, the cheaper the insurance rates; it would be beneficial for you to set aside an emergency fund to accumulate the money needed to cover your living expenses during that qualifying period.
- The insurance company will reduce the benefits you are entitled to if you receive disability benefits from other sources, whether government or private, by an equal amount of those funds.
Why you might need legal services from Mayfair Law Group:
Insurance companies might attempt to deny your claim or to limit the amount of the benefit or the length of the time they will pay those benefits. Insurance information forms can be complex and making errors can result in delays and other complications for you; insurance companies are demanding in the documentation they require, particularly medical, and they have their own experts reviewing your claim. If you find the forms difficult to navigate, or your insurance company is confrontational or denies your claim or limits it to less than you understood you might be entitled to, you clearly need our assistance.