Own-occupation disability insurance protects a professional’s ability to earn a living if they become injured or disabled, and unable to perform the daily functions of their job. A single disability insurance claim can cost an insurance company up to hundreds of thousands of dollars per year. Because the expenditures are so high, insurance companies will require the beneficiary to be as thorough as possible when filing their claim. When filing a disability insurance claim, policyholders should remember these five crucial steps:
Carefully Review the Original Policy
Before filing a claim, it’s important to review the terms and conditions of the original insurance policy. The policyholder should make sure that their injury or illness meets the criteria for receiving benefits. All of the policyholder’s answers on their original application should correspond with their medical history. If there are any inconsistencies between the insurance application and the policyholder’s medical history, the insurance company will want to know the reason. The policyholder should be prepared to clear up any inconsistencies with their insurance provider.
Contact the Insurance Company Right Away
The policyholder needs to 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. The insurance company will want to know right away if one of their policyholders is disabled and intends to file a claim.
Keep Track of Medical Paperwork
It’s the policyholder’s responsibility to keep track of all their medical paperwork when filing a disability insurance claim. The policyholder will need to use their medical history to prove that they are in fact disabled and that they can no longer work in the same capacity.
Document All Interactions with the Insurance Company
Just as policyholders need to stay on top of their medical paperwork, they also need to maintain a record of all their correspondence with the insurance company. The policyholder needs to document interactions between themselves and the insurance company including any documents that might have been sent, what was said, etc. The policyholder should make copies of their disability insurance claim when sending it to their insurer. Any piece of correspondence can be instrumental in helping the policyholder receive their benefits.
Consult a Doctor on a Timeline for Going Back to Work
For those individuals who will be able to return to work at a later date, the insurance company will want consistent updates in terms of when they plan on returning to work. In addition, the policyholder needs to see their physician on a regular basis and report back to the insurance company for the length that 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.
Get a Disability Insurance Quote Today
Own-occupation disability insurance is crucial to ensuring that you and your family are protected in the event of a tragic accident or illness. Don’t wait. Compare disability insurance quotes online today.