Posted on Wednesday, July 10th, 2024 at 9:00 am
If you’ve ever asked yourself, “Do I need long-term disability insurance?” the answer is a definite “yes.” While workers’ compensation, short-term disability insurance, and Social Security disability can help when you have a severe disability, the financial stability that long-term disability insurance provides is unmatched.
Unfortunately, many people in Pennsylvania encounter legal issues when they file a long-term disability claim. That’s where we come in. The Pennsylvania long-term disability insurance attorneys at Capitan Law focus solely on these complex cases, giving us in-depth experience and knowledge we can use for your benefit. Following is information about the advantages of LTD insurance and how we can help if an insurer disputes or denies your claim.
Why You Need Long-Term Disability Insurance
Long-term disability insurance is crucial for providing financial security when you cannot work for an extended period due to a severe illness or injury. While workers’ compensation covers work-related injuries, it does not help if you develop a disability that isn’t related to your job.
Similarly, short-term disability insurance only offers benefits for a limited period, typically up to six months, leaving you vulnerable if your disability lasts longer. Long-term disability insurance policies can help if your injury or illness is expected to last for six months or longer.
Social Security Disability Insurance (SSDI) can be challenging to qualify for and often provides limited benefits that may not cover all your financial needs. LTD insurance fills these gaps, ensuring a steady income to cover your living expenses, medical bills, and other costs.
LTD insurance in Pennsylvania helps you maintain your standard of living and financial stability, even when facing a prolonged disability. It provides peace of mind because you know you are protected against the unexpected, allowing you to focus on your recovery without the added stress of financial worries.
What Benefits Does Long-Term Disability Insurance Provide?
Every long-term disability insurance policy is different, offering various benefits depending on the terms and conditions of the plan. However, most long-term disability policies provide several key benefits that help ensure financial stability during a disability. These benefits typically include:
- Income Replacement: The primary benefit of LTD insurance is replacing a portion of your lost income. Typically, these policies pay between 50 and 60 percent of your pre-disability income, while some policies may provide up to 80 percent. This steady income stream can help you cover essential expenses while you can’t work.
- Cost-of-Living Adjustments (COLA): Most policies include cost-of-living adjustments to ensure your benefits keep up with inflation. This adjustment helps maintain your purchasing power over time, protecting you against the rising cost of living.
- Waiver of Premium: Many policies waive your premium payments while receiving benefits. This waiver reduces your financial burden by eliminating the cost of maintaining your insurance coverage during your disability.
- Survivor Benefits: If you pass away while receiving disability benefits, some policies provide your beneficiaries with a few additional months of payments. This benefit helps ensure your family is financially supported even after your death.
What Injuries and Illnesses Does Long-Term Disability Insurance Cover?
Every insurance company has rules for what illnesses or injuries it will cover under an LTD policy. Some injuries or illnesses that these policies often cover include:
- Cancer
- Heart disease
- Stroke
- Multiple sclerosis
- Parkinson’s disease
- Rheumatoid arthritis
- Lupus
- Chronic back pain
- Fibromyalgia
- Traumatic brain injury
- Spinal cord injury
- Severe depression
- Bipolar disorder
- Anxiety disorders
- Epilepsy
Common Legal Issues with Long-Term Disability Claims
While long-term disability insurance provides essential benefits when you can’t work, insurance companies often dispute these claims when people try to obtain the benefits their premiums have paid for. Some common issues in these cases include:
- Claim Denials: Insurance companies may deny claims due to insufficient medical evidence or discrepancies in the application.
- Policy Interpretation: Disputes often arise over the interpretation of policy terms, such as the definition of disability or specific coverage exclusions.
- Pre-existing Conditions: An insurer might deny a claim based on pre-existing condition exclusions, which often require legal challenges to contest.
- Delayed Payments: Even approved claims can face payment delays. In these cases, legal action is often necessary to expedite the process.
Contact Our Pennsylvania Long-Term Disability Lawyers Now
Whether you have questions about the benefits of long-term disability insurance or need help with a claim, our Philadelphia long-term disability insurance attorneys at Capitan Law can assist you. Our extensive, in-depth experience with these matters means we have the resources and knowledge to advocate effectively on your behalf. Call (267) 419-7888 now or complete our contact form for a free case review.
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