Long-Term Disability Insurance for Financial Managers
Financial managers need to know all about profits, losses, expenditures, investments, and other financial matters so they can advise their clients and provide them with money management services.
It can be a stressful and tedious job. All the daily tasks can take a toll, causing mental illness or physical ailments. When that happens, Abell and Capitan Law can help.
We understand the challenges financial managers can face. If you’re out of work and unable to earn a living, you need long-term disability (LTD) benefits to create financial safety. Contact Abell and Capitan Law at (267) 419-7888 to start working on your LTD claim today.
Common Reasons Financial Managers Need LTD Insurance
Although financial managers aren’t involved in physically demanding labor, their responsibilities can affect their mental health and cause numerous injuries that interfere with job abilities.
The most common injuries preventing financial managers from returning to work include:
- Back pain – Sitting at a desk for extended periods can wreak havoc on the nerves, muscles, and tissue in the back.
- Repetitive motion injuries – Navigating a mouse and typing on a keyboard requires precise movement by specific body parts. Tendonitis or carpal tunnel syndrome can develop from these repetitious motions.
- Injuries and illness – Various injuries and illnesses can leave a financial manager unable to perform their job. Any medical condition can impair mental or physical faculties, whether they suffer a work-related condition or get hurt while off the clock.
- Mental illness – The pressure and stress of handling someone’s finances can lead to anxiety, depression, and other mental health issues.
- Vision problems – Staring at a computer screen for hours can cause eye strain, blurry vision, and other vision-related conditions.
Determining Your Long-Term Disability Insurance Coverage
Before you can file a claim, you must determine the type of LTD plan you have. You should obtain a copy of your policy and review the coverage information.
Two types of LTD policies are available: employer-provided group plans, and individual plans. An employer-provided group plan is an LTD policy an employer offers as part of an employee benefits package. An individual plan is a policy someone pays for themselves.
High-earning professionals such as financial managers might have both group and individual plans for better coverage.
Definition of Disability
It is helpful to understand the different definitions of disabilities involved in LTD policies. The definition specifies the level of disability the policyholder must prove to receive benefits.
There are typically two definitions of disability you can find in a long-term disability policy. The first is the “own occupation” definition of disability. It asks whether you can perform the material duties your job requires. If you can’t complete the work-related tasks you performed before getting hurt or sick, you might qualify for LTD benefits.
The “any occupation” definition of disability asks whether you can perform the material duties of any occupation. The definition often includes a gainful occupation component. That indicates whether you can complete the material duties of any gainful occupation, allowing you to earn a percentage of the income you made before the disabling condition. If you can seek employment elsewhere, you likely won’t collect benefits.
Understanding Why the Insurer Denied Your LTD Claim
Insurance carriers are for-profit businesses. They want to save money by underpaying or denying claims. That means they will search for valid reasons to justify not providing you benefits.
The most common reasons insurers deny claims include:
- Administrative errors – Sometimes, a denied claim is due to an administrative error, such as submitting incomplete medical records. Resolving the problem might be as simple as calling the insurance representative and providing them with the missing records.
- Lack of medical evidence – You must provide substantial medical documentation to prove you deserve LTD benefits. The insurer will likely deny your claim if the records don’t demonstrate why you can’t return to your job.
- Pre-existing condition – A pre-existing condition can prohibit you from collecting benefits. Many policies exclude pre-existing conditions from coverage.
- Definition of disability – If your injury or illness doesn’t meet the definition of disability according to your policy, you won’t qualify for benefits.
- Failure to follow the treatment plan – You must follow your treating physician’s recommended plan. Deviating from the plan or stopping treatment too soon can result in denial.
Appealing Your Denied Claim for Long-Term Disability Benefits
If the insurance company denies your claim, you can file an appeal to reverse the decision.
Review the denial letter for the reason the insurer denied the claim. There should be an explanation and instructions on how to appeal the decision. You can request a copy of the file for your claim to review your submitted information and determine whether you can supplement it with additional records to support your case.
Additional records can include:
- Statements from family members or friends describing the effects of your medical condition on your life
- Copy of your job description outlining your daily responsibilities to demonstrate your limitations
- Recent medical records not included with your initial claim
- Written opinions from physical therapists, treating physicians, and other healthcare professionals
- Schedule of expected expenses, future appointments, and diagnostic tests related to your claim
You must request an appeal in writing. Your letter should explain your reason for filing an appeal and include the necessary documentation to support your eligibility for LTD benefits. The LTD policy or denial letter should give the time limit for filing an appeal. There might also be an opportunity to appeal to federal court, if necessary. A federal judge can uphold the insurance carrier’s decision or grant the LTD benefits.
Contact an Experienced Long Term Disability Insurance Attorney for Financial Managers
Financial managers can encounter significant obstacles while pursuing benefits from a long-term disability insurer. The process is often time-consuming and overwhelming. It is something you should not go through alone.
Abell and Capitan Law can handle every aspect of your claim. Our long-term disability lawyers will acquire the necessary evidence to prove your eligibility for benefits and protect your rights until the end.
If you are a financial manager who can’t return to work due to a disabling medical condition, call Abell and Capitan Law at (267) 419-7888 or contact us online for a free consultation. We have conveniently located offices in Kentucky and Pennsylvania to serve clients in Kentucky, Pennsylvania, and New Jersey.