Most websites online discuss shopping for disability insurance or getting quotes. But how do you choose a policy that will ensure your claim will be paid?
Here is a guideline that will help you get the most favorable outcome when it comes to disability insurance claims:
1) Choose a company with favorable third party ratings. Choose a company with an A, A+ or A++ rating (AM Best). This rating shows financial stability and claims paying ability.
2) The better the definition, the more likely your claim will be paid. If you have an own occupation definition of disability (also called regular occupation and your occupation, depending on the company). This states that if due to sickness or injury you can’t work in your occupation, the company will pay your benefits even if you are working elsewhere. Make sure it is own occupation for the entire benefit period. Some companies only have a 2 year own occupation definition for physicians. After that 2 year benefit, it will only pay your claim if you can’t work in any occupation. Read the fine print and ask questions!
3) Disclosure. It is important that you disclose your medical history. If you fully disclose your history, the company will make a decision whether they will cover that condition. If you don’t properly disclose your medical history and have a claim in the first 2 years from that condition, the company can rescind your contract based on the 2 year incontestability rule.
4) Work with an experienced broker who has experience working with clients who have filed claims. They will have a grasp on which companies have paid claims more smoothly.
For more information about disability insurance claims or to request a quote comparison, contact Set for Life Insurance today!