Disability insurance coverage is a scary thought. Many of us would much rather think about something a little more positive. But the reality is that more and more Canadians are forced to consider what they will do if an accident or illness befalls them in the course of their work week.
Employers are quietly walking back coverage of disability insurance, and just three years ago 57 percent of Canadians enjoyed this coverage as a part of their benefits package. This number has dropped below the halfway mark since then, and over 80 percent of those affected have not taken it upon themselves to buy coverage themselves, even though three quarters of us realize that this is a critical component of our personal safety net. So how do we keep on top of it?
Disability insurance is so deeply important to our personal security. It exists to cover gaps in our regular salary if we are hurt or sick and cannot work. Many of us incorrectly assert that our homes or cars are the most important assets we own, but this couldn’t be further from the truth: it is our health. If you fall ill and are unable to work, you can’t count on your wages remaining unchanged. While no one expects to miss work it is a fact of life that accidents happen, and when they do you can find yourself out of a paycheck for a few short days or even months at a time.
Whether you are graced with coverage through your job or have opted to purchase it yourself, you are at risk of the same treatment by the insurance company if you ever need to utilize the benefits owed to you. More often than not, your insurer sees you as a number rather than the person you are. You are some number of dollars a month and they do not want to see that change. Insurance companies employ a variety of sneaky tactics to try to keep you green in their books. It is important to know the signs so that you can react quickly to an insurance run around. If you feel that you are being taken advantage of, it may be time to speak with a disability lawyer in Toronto or your nearest city.
Sometimes insurance companies will agree to pay, but drastically underestimate the benefits they tell you that you are owed. Through the use of convoluted contractual write-ups insurers try to tie you in knots so that when they spit out a number you are more willing to accept it without question. It is important in this situation to know your rights as a buyer so that you receive everything you are entitled to.
Far more sinister is the situation where your insurer simply claims that you are not entitled to receive any disability compensation. Again, through contractual loopholes insurers can make up strange reasons why your claim is invalid. This usually does not hold up to scrutiny, but the average consumer is ignorant to the process that must be undertaken to correct this malfeasance.
If you think you are being misled or simply lied to by your insurance company, you may have a case to present. But the road ahead is a difficult one. Don’t go it alone, consult a specialized lawyer well versed in the strange world of disability insurance. Many lawyers will organize a consultation to discuss the specifics of your case without charge. This is an invaluable asset and you should use it to your full advantage to win the battle with your insurance agent. Delays or withheld insurance payouts can be devastating to your financial and physical health — don’t let the insurance company get the best of you.