Disability Insurance: What You Need To Know And How It Can Help You
Have you been doing your research about disability insurance as of recent? Whether or not your circumstances call for it, you should. A worker, no matter his or her position of employment, is protected by legal rights in the event of any mishap, or in the case of this post, disability.
It’s essential that you know what these very rights are to secure your tenure, as well as to gain government-mandated benefits you are to have from here on out. But before we get to the details, let’s start with a little definition of terms.
What Is Disability Insurance?
Disability insurance, or in short, DI, is a type of insurance that is often paralleled to the term “income protection.” The disabled worker is compensated due to his or her disability if he or she is unable to conduct employee duties because of said disability.
You, the beneficiary, are guaranteed pay, not in the form of a salary per se but as a remuneration even if you won’t be able to attend to your work responsibilities in part of in whole, at the moment.
There are different kinds of disability insurance. Yet alas, we won’t be tackling all of them here. Instead, we’d like you to fix your eyes on the “long-term”. Along with this, need-to-knows about hiring the right lawyer if your situation necessitates one.
The Lawyer To Hire For Disability Claims
A long-term disability benefits lawyer, in a straightforward, simple definition, is one who renders services to a beneficiary who is denied disability compensation by the insurance agency. You see, this is where the lines become a bit blurry.
Many insurance companies have their own terms and regulations about when to offer this type of insurance, and with what specific type of disability. That, and a slew of other guidelines. And if you aren’t aware of what they are, you might think they’ve got one over you and you don’t even know it.
Rest assured said terms are all legal. It’s just a matter of clarity of your understanding regarding what they entail. Thus, here is where a disability benefits lawyer can pull you out of this conundrum.
It’s crucial to note that a lot of agencies usually cover only a span of years for disability. Some, 5 years and below. Others, 5 to 10 years. At the same time, you can also benefit from this until retirement depending on your case.
Offsets And What They Mean For You
So then, in the context of disability, what is an offset? An offset is a form of deduction/s that’s validated by the insurance policy itself. This happens as a reduction of a specific amount that is still owed by the beneficiary, or other reasons such as delayed or wrong payments piled up.
In terms of the majority, LTD (long-term disability) terms usually have a certain period in order for you to make your claim. Frequently, you’re given a year, and after that, you’ll lose your potential claim.
Instead of walking away because of the tedious process, stand your ground and go through it in order for you not to lose out in the end.
There are also several offsets types you should be aware of, but that’s for another post. For now, we’ll leave you with an overview of disability insurance and how it can benefit you.