3 Important Elements In Long-Term Disability Policies

If you are like most Americans, you would have a hard time making ends meet without a regular paycheck. In fact, statistics show that 78% of workers are living paycheck-to-paycheck. Sustaining a serious injury or being diagnosed with an illness that makes it impossible to do your job could be devastating.

An experienced attorney can help you access long-term disability benefits if your employer carries a current policy. You will need to be familiar with the important elements in that policy so that you can be prepared to argue that you meet the qualifications for a long-term disability payout.

1. Financial Compensation

A long-term disability policy is designed to help you maintain a source of income while you are unable to perform the duties of your position. It's important that you are realistic about the amount of financial compensation you will have access to if your disability claim is successful.

Long-term disability will not completely replace your salary or wages. Instead, a portion of the amount you bring in through gainful employment will be authorized. An attorney, like those at Iler and Iler, can help you access the maximum amount available, but you should be prepared to receive less than you would if you continued working.

2. Waiting Periods

All insurance policies have waiting periods that give the provider time to investigate any claims. This is true for long-term disability policies as well. You will need to read your policy carefully to determine the length of any waiting periods that apply to your claim.

You must be prepared to go without wages or disability payments during this waiting period. Your attorney will be able to advise you of the actions you must take (or avoid) during the waiting period to increase the odds of your claim being approved.

3. Definition of a Disability

Each insurance policy is allowed to stipulate what it considers a disabling condition to be. This means that certain conditions may be eligible for long-term disability payments from one employer, while the same condition doesn't qualify for benefits through another employer.

Your policy should list in detail all conditions that are on its approved list for disabilities. Work with your doctor to determine if your injuries or illness fall under one of these approved conditions, and have your attorney gather evidence that will support your diagnosis. This information will be critical when it comes to expediting the approval of your long-term disability claim.