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The intention behind long term disability insurance is to provide people, who have become disabled in a way that keeps them from working, with an income. In our current day and age, a lot of large-scale corporations’ cover disability insurance under their employee benefit package.
Of course, people also have the option of private disability insurance which is a good way to calm any anxiety regarding a sudden loss of working capability because of an unforeseen disabling condition. When it comes to people working in certain professions, there may also be the possibility of paying for a special policy which then makes it possible for them to acquire additional benefits in case they are disabled as a result of their job.
Since there previously was no regulatory body for this type of insurance, the wording between policies may be different and can drastically change the meaning behind them. This is why it is vital to not just do a quick scan of the policy, but rather make note of the small differences between terms for the sake of full comprehension.
And since it is so common among insurance companies to deny benefits and coverage, your misunderstanding of a policy may be what leads to you being denied at first. Getting yourself a good lawyer will make all the difference and can likely get you the coverage you wouldn’t have gotten by yourself. Regardless, here are a few terms you may find helpful for understanding the policies:
“Own Occupation”
To qualify for long term disability insurance as stated under “own occupation”, you will need to be fully incapable of further practicing the job you were working as you got disabled.
“Total Disability”
Depending on which policy you are looking at, the interpretation of the term “total disability” may vary. However, in most cases it means being disabled to a degree that keeps you from continuing to work your job without getting further injured. Insurance companies tend to work around this by zeroing in on the few things you are still capable of doing within your work field as means of downplaying the severity of your disability. Since they don’t want to pay you the benefits you are absolutely entitled to, they will ignore that a person doesn’t have to be completely dependent to be considered “totally disabled”. Once you are incapable of performing the duties that come with your job, you can be defined as “totally disabled” and thus qualify for these benefits. Allow your personal injury lawyer in Stouffville to represent your claim.