In Ontario, as in just about any place on earth, a young professional tends to look and feel healthy. As a result, that some individual seldom sets aside money for LTD insurance. Yet age does not serve as an indication that an accident or illness cold become a disrupting force in the life of the affected person. In other words, accidents and illnesses can affect someone of any age.
What is the point to buying long term disability (LTD) coverage?
The person that has purchased such a policy can be assured of a steady income, even if he or she becomes disabled, and cannot work. The disabled and qualified policy holder can expect to receive a monthly payment that varies between 40% and 70% of his or her previous income. Those payments arrive monthly until the same policy holder reaches the age of 65.
Details surrounding the LTD payments:
• Once a claim has been filed, a quick answer has not been guaranteed. The applicant may wait up to one month of an answer.
• The policy holder that has filed a claim may get shadowed by a private investigator.
• If a claim gets denied, it could become necessary for the policy holder to hire a lawyer.
• Even if an employer provides employees with access to company-financed, LTD coverage, that may not be as extensive as the coverage offered in a policy from a private insurance company.
• With any policy, it helps to read the fine print, before attempting to go after any benefits.
Possible limitations associated with a given LTD policy
Sometimes, certain injuries or illnesses are excluded. That means that if the policy holder develops a named illness or sustains a named injury, he or she may not be able to obtain the anticipated benefits. For instance, personal injury lawyer in Kingston knows that someone with a pre-existing condition could not get payments when an illness or injury had been caused by the presence of that pre-existing condition.
The coverage remains gets restricted to those policy holders that cannot keep doing their previous job, due to the development of an illness or due to harm that has resulted from an accidental occurrence. Hence, the policy holder should not expect to keep receiving payments, if a covered employee has discovered that his or her previously unused abilities prove suited for utilization in an altogether different field.
Not all policies have that latter limitation. Some of them will cover a policy holder with any type of disability, regardless of the type of job that the same policy holder can no longer perform. Others cover those policy holders with a job that demands the same skills, and education as the former employee’s earlier jobs.