The Basics of Disability Insurance
What is disability insurance?
During our working life, we have financial responsibilities. If an injury or illness leads to disability or disabling symptoms, our income is at risk. Disability insurance is marketed as a means of managing that risk. It is designed to offer a safety net and provide a source of income in the event you cannot work. Many employers offer short term disability insurance and long term disability insurance as part of a benefits package. LTD insurance is designed to pay a portion of your income. Your level of coverage depends on your income and on what insurance is provided by your employer. There are many different types of policies available through many different insurance companies, but all fall under two categories: employee disability insurance and privately purchased disability insurance (purchased by those who are self-employed).
How does disability coverage work?
Within an insurance company there are several departments, including underwriting and claims.
An underwriter decides whether applications for insurance coverage (risks) should be accepted and on what terms. In the disability insurance market, an underwriter assesses risk according to the likelihood of an employee becoming disabled and assigns a dollar value to that risk in the form of an insurance premium. That premium is calculated by weighing a number of factors and asking for detailed information from prospective clients (employers). An insurance company operates under the assumption that premium dollars paid by its insured, or “policyholders,” and the return on its investments from those premium dollars will be greater than claims incurred (money paid out) and expenses.
If you have filed a disability claim, you will most likely be familiar with your claims adjuster, sometimes referred to as a claims analyst. A claims adjuster generally determines the extent and validity of claims. He or she assesses liability and negotiates any payments paid out by the insurance company. Claims adjusters are responsible for managing and controlling claims costs.
They manage the process of dealing with a claim when it is first made and follow it through. Thus, the claims adjuster is normally the representative at the insurance company with whom the individual filing a disability claim is most familiar.
It’s important to remember that claims adjusters are not on your side. Their main objective is to make sure they pay you as little as possible for your claim or find an excuse to deny it outright. A long term disability lawyer with experience working with insurance companies can assess what you are entitled to and work directly with the insurance company to secure those long term disability benefits for you.
If you are considering stopping work to apply for employee or privately purchased disability benefits, but you’re not ready to talk to anyone yet, you can read through the Stopping Work page on our website.
If you have had your claim for long term disability denied, contact the long term disability insurance lawyers at Share Lawyers. Our 35+ years of experience in long term disability (LTD) law can help you win your case against Canada Life, Desjardins, Manulife, RBC Insurance, Sun Life, and other insurance companies. We offer free consultations and there are no fees unless you win your case. Join us on Facebook and become a Top Fan for a chance to win each month.
Denied your long term disability claim?
Contact Share Lawyers today and put our experience to work for you. Our 35+ years of experience can help you win your case against Canada Life, Desjardins, Manulife, RBC Insurance, Sun Life, and other insurance companies. We offer free consultations and there are no fees unless you win your case. Join us on Facebook and become a Top Fan for a chance to win each month.
A note from our long term disability lawyers
Taking a medical leave from work is not an easy decision to make. Concerns about providing for yourself and your family and keeping your job may cause you to want to push through your pain, but this won’t make your problems go away. Stopping work is often the smartest decision for your long term health and well-being, and your disability benefits are there to provide you with financial support until you can return to work.
If you have made the tough decision to stop working and apply for your short term disability or long term disability benefits, you may feel overwhelmed by the process and have questions that your employer and your insurance company are not able or willing to answer. Share is There to see you through and answer your questions.
Our Disability law firm knows what you have been going through
We understand that things have not been easy for you over the last little while. Your health has been suffering, you are unable to work, and now your insurance company, who was supposed to be there in your time of need, has decided they will not pay your disability benefits or respect your disability claim. These benefits exist to provide you with the financial support you need so that you can focus on your health and rebuilding your life. It is unfortunate that your insurance company has not lived up to its promise. If your disability claim has been denied, we will fight to get you the benefits you are entitled to. Our disability lawyers have helped thousands of Canadians get their long term disability benefits over the past 35 years, and we can help you too.
Our experienced disability lawyers can fight back on your behalf
Share Lawyers believes that every client who is dealing with a disability claim deserves superior personal service. To achieve that goal, we have developed our team of experienced, compassionate, and caring long term disability lawyers, law clerks, and administrative staff to meet all of your needs. Our team of experienced long term disability, life insurance, employment, and critical illness insurance lawyers have made successful claims against many insurance companies, third-party administrators and employers.
If you are unable to work, your disability benefits should be there to provide you with the financial support you need. While your insurance company may be focused on finding ways to avoid paying your claim, our focus is on what is in your best interest. When Share Lawyers gets involved, you have an entire team of lawyers that are there to support you and to fight for what is yours.
Our disability claim lawyers fight for your disability insurance claim by relying on our many years of experience to apply the best strategic planning and approach in each case, using the latest technology available. Experience matters, and with Share Lawyers, you are in the best hands with 35 years of success on your side.
In this video, we explain the role of a long term disability lawyer and how we can support you when you have been denied your long term disability benefits.