April 28, 2016
What you need to know about Disability Insurance Coverage
Not everyone is covered by a long-term disability policy, however you may have access to these benefits in the event of a disability if you are covered by a plan through your employer, or if you have purchased coverage on your own.
Long-term disability insurance is a type of insurance that protects a person from loss of income should he or she be unable to work due to injury, illness or accident for a long period of time. Keep in mind long-term disability insurance ensures that an employee will receive a certain amount of their income if he or she cannot work due to a disabling injury. And, long term disability insurance is often provided by employers.
Understanding Long-term Disability Insurance
To understand long-term disability insurance, it is important to remember that even though worker’s compensations boards may pay medical costs and some lost wages, it only applies to injuries that occur while working on the job.
Look for terms: Guaranteed Renewable and Non-cancellable
When purchasing a long-term disability policy, two terms to look for are guaranteed renewable and non-cancellable. These two terms are important because non-cancellable protection will ensure that your insurance provider cannot raise your premiums during the time set out in the contract. In addition, guaranteed renewable means that your long term disability insurance plan cannot be discontinued, but they can raise the premiums for everyone in a certain class or category.
Certain requirements must be met before qualifying to collect Long Term Disability
Before obtaining long-term disability benefits, you must meet certain requirements such as meeting your insurance policy’s definition of disability. There are other requirements that must be met such as premiums, waiting periods and minimum number of hours that you have worked. Most importantly, if you are unable to work due to a disability, you must adhere to certain application timelines.
Your Physician’s Opinion is Important
One important factor when applying for disability benefits is the opinion of your treating physician. For this reason, it is important that you meet with your physician regularly to report any physical and mental issues you are experiencing and to make sure you are actively seeking out ways to mitigate your health concerns and accessing all treatment options available to you.
Other matters to attend too
Of course, with this kind of policy, you are required to pay premiums for your coverage. If you fail to make your payments, your insurance could end. Another requirement is that you should be a full-time employee at the time you become disabled. In addition, with most long-term disability insurances, there is a time between when your disability occurs and when your benefits kick in. In most long-term disability policies, there are exclusions for pre-existing conditions. Some may not know it; but if you are approved for long-term disability benefits, you may need to file for Canada Pension Plan Disability benefits, too.
To conclude, long-term disability insurance is insurance that protects a person from loss of income should he or she be unable to work due to injury, illness or accident for a long period of time. If you are considering applying for Long Term Disability coverage, speak to an insurance professional about your options. If you are already covered for long-term disability benefits under an insurance plan, and your application to collect benefits has been denied, it important to speak to a legal professional about your rights. At Michelle Linka Law we are experts in personal injury law and can answer the questions that you may have about eligibility for long-term disability insurance. We are happy to work with you to help you understand long-term disability insurance, please contact us today.