Top Insurance Lawyer Recommends Picking the Right Disability Insurance Policy for Your Career
Having the right disability insurance policy can be the difference between a successful financial future or one swimming in debt. An individual needs to consider their occupational duties, both physically and mentally, when purchasing a disability policy.
“Consider what important duties are at work. Would you be able to perform your duties with a minor brain injury? Without being able to walk? Without being able to lift a certain number of pounds? The more physically demanding your occupation is, the more disability insurance you will want to invest in,” says Frank N. Darras, America’s top insurance lawyer.
Disability coverage is privately owned insurance that pays a monthly benefit to an insured who is either disabled by an injury or sickness. An individual can select “own occupation”, “any occupation” or a modified definition of his or her occupation. The default setting for most policies is any occupation.
“The any versus own occupation clause on disability policies is an important factor to look out for. An own occupation clause states that if you can’t perform the important duties of your occupation, you are entitled to your monthly benefits even if you could do some other kind of work for gain or profit. Without an own occupation clause on your policy, you could be putting yourself and your paycheck at serious risk. There is a big difference in an accountant or pro ball player’s paycheck and the person who helps you order at McDonald’s,” says Darras.
Alternatively, the “any occupation” coverage pays a disability benefit if the insured is unable to work in any occupation for which he or she is trained, educated or suited, taking into consideration your station in life. The standard is similar to the one set by the Social Security Administration and generally has stricter guidelines to qualify.
Disability insurance can be purchased individually from an agent/broker where the policyholder pays the premium or through group long-term disability insurance offered by an employer. If you have long-term disability coverage through work, your rights and remedies are few if your carrier wrongfully delays or denies your legitimate claim.
“Investing in disability insurance is essential for every working American. Most of us don’t think about what would happen if we became disabled, but the truth is, that it’s a very real possibility. If you were to face a disabling injury, the last thing you should have to worry about is being able to pay your bills. Invest early and you can lock in a good rate that will give you peace of mind,” says Darras.