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Own-occupation disability insurance protects a professional’s ability to earn income if they become injured or disabled, and unable to perform the normal daily functions required in their occupation. A single disability insurance claim can cost an insurance carrier up to hundreds of thousands of dollars.
Since the expenditures are so significant, disability insurance companies will demand the policyholder be as detailed as possible when filing their claim with the company. When filing a disability insurance claim, policyholders should review and remember these five critical steps:
Before filing a claim, if you haven’t already, it’s essential to review the terms and conditions of the original disability policy. The policyholder should make certain that their injury or illness meets the standards for receiving benefits. All of the policyholder’s answers on their original application should match their medical history. If there are any inconsistencies between the insurance application and the policyholder’s medical history, the insurance carrier will want to know the reason for the difference. The policyholder should be equipped to clear up any inconsistencies with the insurance company.
The policyholder must inform their insurance provider of their injury or illness as soon as possible, even if the policyholder won’t receive their benefits for several months or longer. The insurance company will want to know as soon as possible if one of their policyholders is disabled and intends to file a claim.
If you have doubts about your injury or illness being covered, call your agent at your earliest convenience for advice about your claim.
It is your responsibility to keep track of all medical paperwork when filing a disability insurance claim. You will be required to provide proof using your medical history to prove that you are in fact disabled and that you can no longer work in the same capacity at your own occupation.
Just as policyholders need to keep on top of their medical paperwork, they also must also maintain a record of all their correspondence and communications with the insurance company. The policyholder will need to document interactions between themselves and the insurance company including any documents that might have been sent, and make notes of verbal conversations and with whom you spoke.
The policyholder should make copies of all documents submitted to the claims department and make note of when they were sent and to whom they were sent. Any piece of correspondence can be instrumental in helping the policyholder receive their benefits.
For those policyholders who will be able to return to their occupation at a later date, the insurance company will require regular updates about when you plan on returning to work. Additionally, the policyholder needs to visit their physician on a regular basis and then report back to the insurance company for the length of time they are receiving benefits. Just like before, it’s important for the policyholder to keep track of all their medical appointments as well as the status of their disability.