If you are in the market for an Insurance Policy providing benefits in the event of your disability, there are many factors which you must consider in determining which policy is best in buying insurance coverage.
The starting point is that you should always get a copy of the Insurance Policy before you start buying coverage. Its terms and conditions must be read with a critical eye. Quite frankly, it would be best if you had a lawyer or, at least, someone other than the insurance agent you use, read the policy with you so that you are clear about what you are buying insurance coverage. You must keep in mind two (2) important points: first, you are going to need this money at a time when your capacity to earn has been radically diminished; and, second, for medical reasons, you are unlikely to be able to handle all the issues which might be presented at the time of your disability.
When you become disabled is not the time to learn about the particulars of your policy. This is true when the policy is one provided through your employer. Even though the terms of such a policy would not really be negotiable, you might learn that it would be best for you to consider taking out a separate, personal policy because the one provided by your employer is not adequate to meet your needs.
When you become disabled is not the time to learn about the particulars of your policy to buying insurance coverage. This is true when the policy is one provided through your employer. Even though the terms of such a policy would not really be negotiable, you might learn that it would be best for you to consider taking out a separate, personal policy because the one provided by your employer is not adequate to meet your needs.
The first consideration, of course, is the amount of coverage. It is appropriate to maintain a regular monthly budget for financial planning. However, you should also have a “bare bones” budget so you know your minimum requirements. Also, you must be certain about how the amount of your benefit entitlement is calculated under the policy. Many policies take a credit or “offset” from other sources of income such as Social Security Disability benefits or disability pension benefits and others.
Another critical factor is the definition of disability. Does it cover your regular occupation only? Does the definition change after a period of time, as many polices provide? Of importance also is how is the disability proven from a medical standpoint. Can the insurance policy company require objective diagnostic testing? What about conditions for which there is no such diagnostic testing? Are there medical conditions which have a limited period of benefit payout? How are pre-existing conditions handled?
These are but a handful of the multitude of legal issues which the law office of Herbert M. Hill, P.A. has dealt with over the years. There are many more, many of which are so obscure that you would be stunned to learn that such an issue would have anything to do with your entitlement to benefits.
Please keep in mind that the foregoing is not intended as legal advice applicable to any individual person’s unique legal situation. Its sole purpose is to give a general idea of the existing status of the law as it applies to the point of law addressed above. You cannot rely on the foregoing as legal advice. You cannot make legal decisions based on its contents. If you have questions arising out of this point of law, you should contact an attorney who routinely handles claims involving policies of disability insurance policy. The law offices of Herbert M. Hill, P.A. handles such cases and would welcome the opportunity to discuss your case with you, at no charge. You can contact me at 407-839-0005 or at hmh@herbertmhill.com.
If you would like, after discussing your case, we can set a conference. That conference would be free of charge and you would be under no obligation to hire me nor would you feel any pressure from me to do so.
Herbert M. Hill, P.A. is a law firm located in Orlando, Florida with a practice extending throughout the state of Florida and the southeastern part of the United States, including Georgia and Alabama. Areas of practice include disability and employee benefit claims of all sorts. The firm handles any claims arising under the Employee Retirement Income Security Act (known and referred to as “ERISA”) for disability benefits, medical benefits, retirement benefits of any sort, including pension, 401k, termination agreements or the like as well as claims arising under private disability policies.
