Tag Archives: insurance claim

Taking Advantage Of Disability Income Benefits

Disability income benefits are an ideal way to protect yourself from potential financial devastation if you were to find yourself unable to work before you are due for retirement said a Springer Ayeni Burlingame disability attorney. Many employers offer extremely low cost insurance that will supplement your income for both short term and long term disability situations. There is also an insurance program offered through the federal government, but that can be much more difficult to quality for.

Image result for worked and paid into social securityIt is important to understand what is and is not covered under each disability income program when planning for your financial security. The laws vary from state to state as to what is required to be covered. This includes the time frames and the percentage of income as well as the level of disability that must be faced to qualify. For short term disability the time frame allowed can be as little as six weeks but usually is up to one calendar year. Long term disability insurance will cover you if you are unable to return to work after more than a year. The process for qualifying for coverage under this insurance can be much more complex than qualifying for short term disability.

When it comes to the income that is covered it can range a great deal as well. For short term disability it can be anywhere from 40 to 60 percent of your average weekly income. Long term disability can cover from 50 to 60 percent of your average weekly salary. These policies can even vary within your state depending on whether they are a group policy, such as one offered by an employer, or one that you purchased independently. It is best to work closely with a financial advisor to determine the best option for you.

It is critical that you take the time to consider what your financial situation will look like if you were to become injured to the point of being unable to work. While it is advised that you should have a number of months worth of savings to cover unforeseen events, most people do not have the financial means to do so. Even if you do a serious injury could quickly deplete these funds if you do not have the proper coverage.

While everyone that has worked and paid into social security is covered in the event that they become disabled, the payments are relatively low. In fact, the average monthly payments are lower than most mortgages. To best create a solid financial plan it is ideal to take advantage of disability income benefits that are available to you.

What You Should Do Following Denied Life Insurance Benefit Claims

Many people depend on payouts from life insurance policies if a loved one suddenly passes away. Unfortunately, it is not all the life insurance policies that are approved. Some might be delayed while others might be outright denied and not always for good reason.

This is the reason why beneficiaries of life insurance policies and current policy holders should understand their rights and responsibilities when it comes to filing a claim and what they need to do should a claim be denied.

Here is what you should do following a denied life insurance benefits claim according to an Oakland ERISA Disability Attorney | Employee Benefits lawyer:

1.    Find Out The Reason For The Denial

Image result for Denied Life Insurance Benefit ClaimsOnce you receive the notice of a claim denial, you need to find out the grounds for the denial. The denial letter should outline this clearly. If it does not, you need to contact the insurance provider immediately. The law requires insurance providers to provide the grounds for denial in writing.

2.     Get Representations For Appealing The Decision

If you believe that the grounds for denial were illegal or unjust, it is important to appeal the decision. Appealing is a formal process of challenging the denial of the claim. This must be done in writing and the process of filing appeals varies among insurance providers.

3.    Consult A Life Insurance Lawyer

It is never recommended to go through the appeals process without the assistance of an experienced life insurance lawyer. This is particularly important for if you are unfamiliar with the appeals process. A life insurance lawyer is familiar with such claims and can help you every step of the way.

4.    Do Not Mistake An Outright Denial For A Delay

Outright denial is not the same thing as the delay of your life insurance claim. For a delay, chances are high that it will be eventually approved. It is important to retain a life insurance attorney for your delay since the claim will be easier and faster to resolve before denial.

5.    Review The Policy Documents carefully

It is important to have updated copies of your life insurance policy documents when dealing with a delay or denial of your claim. This is important since it will save the life insurance lawyer time since the policy can be reviewed immediately.

Final Thoughts

If your life insurance claim has been denied, it is important to keep the points discussed here in mind and you will be in a better position to handle the situation especially with the backing of an experienced life insurance lawyer.