Understanding Long-Term Disability Insurance Premium Waivers

Posted on by David Goldberg Posted in Insurance Denials, Long-Term Disability, Long-Term DisabilityTagged , , ,

What Is a Premium Waiver in Long-Term Disability Insurance?

Long-term disability (LTD) insurance policies exist as a safety net for individuals if, through accident or illness, they become unable to perform their duties of employment. As with other types of insurance, in order to keep your policy in good standing premiums need to be paid on it, whether monthly or yearly.

But what happens when an insured is rendered disabled from work and unable to afford to pay their ongoing insurance premiums? The answer is a long-term disability premium waiver. 

In many policies, this waiver is triggered once the insured meets the plan’s definition of “total disability” under their LTD policy, at which point the insurer temporarily suspends premium payments while coverage remains in force. Although the specific criteria vary by policy, the concept aligns broadly with how disability is understood in public programs, which generally require a severe and … Continue reading

Denied Long-Term Disability Claims for Financial Advisers: Why It Happens and How We Help

Posted on by Kevin Blair Posted in Long-Term Disability, Return-to-Work ProgramTagged , ,

Financial advisers, whether you call yourself an advisor, planner, investment or wealth manager, work in roles that are cognitively demanding, highly regulated, and client-facing. When illness or injury keeps you from performing at the level the job requires, long-term disability (LTD) benefits are supposed to be the safety net. Too often, they aren’t.

If your claim has been wrongly denied or terminated the insurance denial lawyers at Taylor & Blair LLP can help.

Why financial advisers face unique disability challenges

At first glance, insurers view advisory work as “sedentary”. Insurance companies focus on the ability to sit at a computer or make calls, and they minimize the core demands of your actual occupation which are sustained concentration, complex risk analysis, relationship management, sales pressure, compliance documentation, and continuous learning.

Many conditions that are disabling to financial advisers don’t show up on an X-ray. Depression, anxiety, burnout, PTSD-like symptoms after workplace … Continue reading

Employer Paid vs. Employee Paid Premiums for Denied Long-Term Disability Benefits

Posted on by Ben Tarnow Posted in Insurance Denials, Long-Term Disability, Long-Term DisabilityTagged ,

Long-term disability (LTD) benefits provide financial support to individuals who can no longer earn income from their job, or any job, due to a medical disability. There are different types of long-term disability insurance policies out there with different terms and arrangements. 

One of the main differences you see are personal long-term disability policies and group long-term disability policies. Long-term disability policies through an individual’s work are almost always group policies. Under these policies, the source of funding for the insurance premiums can vary, with employers and employees adopting different payment structures.

What are Employer-Paid Premiums?

When the insurance premiums for long-term disability policies are paid by an Employer, it is considered an employee benefit, meaning that the employer assumes the financial responsibility for providing this coverage to all their employees who qualify. Employer-paid premiums are often part of a comprehensive employee benefits package offered to attract and retain … Continue reading

Denied Long-Term Disability Claims for Anxiety Disorder: Why It Happens and What to Do Next

Posted on by David Goldberg Posted in Insurance Denials, Long-Term DisabilityTagged , ,

Anxiety disorder can be disabling, yet long-term disability (LTD) insurers often deny or cut off claims.

Anxiety disorder is one of the most common conditions behind disability leave, but it’s also one of the most frequently challenged by insurers. People often assume an LTD claim is about “proving you have anxiety.” In reality, most denials come down to something else entirely: proving functional impairment. You need to show how symptoms prevent you from reliably doing the essential duties of your job, day after day.

Below are the most common reasons anxiety-based LTD claims are denied or terminated, and the steps that usually make the biggest difference in getting benefits approved or reinstated.

Diagnosis is Not the Same as Disability

Insurers rarely deny that anxiety exists. They deny that it is disabling under the definition of the policy.

Most LTD policies focus on whether you are “totally disabled” from:

… Continue reading

Long-Term Disability Denial Claims for Lawyers

Posted on by Brian Jacobson Posted in Insurance Denials, Long-Term DisabilityTagged , ,

In British Columbia, long-term disability claims are typically governed by the Insurance Act and the specific terms of insurance policies. Lawyers often have coverage through their employer’s group insurance plan which outlines the eligibility criteria, the definition of disability, and the process for making a claim. The definition of “disability” can vary significantly between policies and often an insurance plan will require that the individual be unable to perform their own occupation for the first two years of disability and thereafter that they be unable to perform any occupation in order to qualify as “disabled” under the policy.

In British Columbia lawyers have access to insurance coverage through specialized providers (Including the Canadian Bar Insurance Association, often referred to as Lawyers Financial) and plans which are more beneficial than the standard commercial policy due to the high earning potential of lawyers. This can result in higher disability benefits and better … Continue reading