A recent article in The New York Times on Disability Insurance takes an amused look at the sources behind the numbers used to explain how important disability insurance is to the American worker. But hidden behind this lighthearted discussion are some very real facts – the average person who becomes disabled rarely has the resources to maintain their pre-injury or pre-illness lifestyle. And that’s where disability insurance comes in.
Reporter Ron Lieber gets serious about how insurance companies attempt to limit your ability to make a claim. He touches on only one of the many strategies that we see on a regular basis: any occupation versus own occupation issue. “If you can afford it, you want what’s known as “own occupation” coverage instead, which should pay claims if you can’t do your old job.” He’s right. But even policyholders with “own occ” policies run into trouble, when insurance companies attempt to twist the language of the contracts and the tasks and responsibilities of occupations. We’ve seen CPAs being told by insurance companies that their skill sets apply to lower-earning freelance bookkeeping positions – with about a $200,000 a year in earnings difference.
If you are having trouble with a disability insurance claim and your bills are starting to pile up, don’t wait to find out how to protect yourself, your family and your hard- earned way of life. Give our office a call. You don’t have to do this alone.