In this seminar, Paul Bosco reviews the basics of disability insurance and making sure you are protected. Disability insurance includes coverage of medical expenses, partial coverage of payment while you are unable to work, and can sometimes include a one-time lump-sum payment.
It’s important to take the time to consider the level that you and your family want to be protected before an incident occurs. If you are self-employed, this may mean shopping around to see what kind of coverage is available to you. Even if you have coverage through work, you are going to want to review your policy to ensure that it includes everything you may need.
Most people think they have more coverage than they actually do. They think they have blanket coverage that protects them if something bad happens no matter what. Unfortunately, insurance contracts are riddled with exclusions that dictate what they will and will not pay. Make sure you are forthcoming when you apply for insurance, particularly in regards to any pre-existing medical issues and take the time to confirm that the insurer is still willing to cover you. If you aren’t sure what information the insurer is asking for in any part of the application, make the effort to get clarification and be sure you fully understand what information you must provide. If you are not forthcoming about your medical history, the insurer may not cover you in the event something happens.
If you are unsure about your policy coverage, make sure you contact a lawyer who has experience in this area.
In most cases, you have to report your claim in a short period of time either on the phone or online. Once this is done, an adjuster will be assigned to your case. It’s also important to follow up and make sure the claim is being processed without any problems.
Just because your claim is denied does not mean that you are at the end of the road. Review your policy to see if there are appeal provisions and any time limits on appeals. In some cases, you need to exhaust internal appeal procedures before you can exercise other options. Get some help from a lawyer who practices insurance law so you can explore your options without worrying about missing a limitation period. In BC you have two years to dispute a claim. If you miss that time limit, you may be barred from an appeal. Make sure this doesn’t happen to you by consulting an insurance lawyer as soon as possible, after your claim has been denied.
Need help understanding your insurance policy? You are welcome to contact anyone of our lawyers.