fbpx
Your source for the latest health, disability and Insurance news and tips

You’re busted: Exposing more myths concerning disability insurance

You're busted_ Exposing more myths concerning disability insurance(1)

Whether we realize it or not, we are surrounded by an avalanche of consumer myths whose hold gets stronger with each passing day owing to everything from the internet to simple word of mouth. As unfortunate as this reality is, the good news is that these myths can be effectively countered by a consistent dissemination of truth or, in other words, good old-fashioned myth busting.

By way of example, one needn’t look any further than our very own blog, which is dedicated in part to helping debunk some of the more prevalent myths concerning disability insurance, such as “I’m too young to worry about disability insurance.”

In keeping with this objective, today’s post will examine — and expose — a few other myths about disability insurance that while perhaps not as well known are no less problematic.

My disability policy will pay out just like my life insurance policy.

While it would be nice to receive a one-time lump sum payment in the event you suffer a disabling injury, disability insurance is simply not structured in this manner. Rather, it’s designed to substitute for a loss of income and, as such, is paid out in regular installments.

Should I become disabled, my benefits will start immediately.

Given all the immediate uncertainty that inevitably arises in the event you are diagnosed with a devastating illness or suffer a debilitating injury, it would be nice to know that a check for disability benefits is in the mail.

The truth is, however, that insurance companies carefully assess each case and, as such, it might take several months for a disability policy to start paying out.

I won’t experience any diminished income thanks to my disability policy.

As we’ve discussed before, long-term disability coverage is not full wage protection, but rather is designed to help offset the loss of salary and provide some much-needed peace of mind. Indeed, the typical disability policy will provide benefits totaling 60 percent of your total wages up to a designated maximum benefit.

Source: MoneySense, “7 disability insurance myths to stop believing,” Julie Cazzin, February 8, 2017

Our Promise To Our Clients:

  • FREE: Consultations and Insurance Case Evaluations Are Always Free
  • UNDERSTANDING: We understand how you feel. Our clients are often at the very bottom of their life, feeling emotionally, physically, and financially exhausted.
  • PASSIONATE PEOPLE: Our expert Attorneys and Dedicated Staff Love The Work We Do. We are Compassionate, Caring, and Results Driven.
  • UNPARALLELED RESOURCES: We will not be bullied or outspent by billion-dollar insurance companies or their army of lawyers. 
  • RESPECTED: We have fought and won the respect of every disability and Long-term care insurance carrier for our policyholders.
  • RESULTS: Frank Darras and his firms have recovered nearly a $1 billion dollars in wrongfully denied insurance benefits to date, and we put that proven track record to work for you and your family.

DarrasLaw is Americas' most honored and decorated disability litigation firm in the country. Mr. Darras has seen more, evaluated more, litigated more, and resolved more individual and group long term disability and long-term care cases than any other lawyer in the United States.

Request a Free, Confidential Case Review.
Skip to content