Long-Term Disability Insurance Lawyers for Portfolio Managers

Long-Term Disability Insurance for Portfolio Managers

Day in and day out, portfolio managers guide the wealth and aspirations of countless clients, working tirelessly to ensure their financial futures are secure. Yet, what happens when a portfolio manager is sidelined by a health issue or accident? It’s a daunting prospect that can impact all aspects of their life.

At Capitan Law, we understand the stress a disabling injury or illness can cause. We’ve devoted our practice to championing the rights of professionals, no matter their occupation. Our job is to see that they recover the benefits promised by their long-term disability insurer.

We have a deep appreciation for the intricacies of your work as a portfolio manager and the potential hardships you may encounter when trying to claim the benefits you are due. We’re more than your lawyers; we’re your steadfast allies. Call (267) 419-7888 now or complete our contact form for a free case evaluation.

What Is Long-Term Disability Insurance?

Long-term disability insurance provides financial support to people who cannot work due to illness, injury, or other debilitating conditions. Unlike short-term disability insurance, which covers conditions that last a few weeks or months, long-term disability insurance provides assistance over extended periods, often several months to many years. By providing long-term financial security, long-term disability insurance benefits help people focus on their recovery and rehabilitation without fretting about how they’ll pay their living expenses. This type of insurance allows professionals to safeguard their financial well-being when facing a prolonged absence from work.

What Does Long-Term Disability Insurance Cover?

Different long-term disability policies provide different benefits, but most policies include the following coverage:

Income Replacement: The primary benefit of a long-term disability insurance policy is replacement income while you can’t work. Most policies cover 50-60 percent of your pre-disability income, though some provide up to 80 percent.
Cost-of-Living Adjustments (COLA): To account for inflation, some policies increase benefits over time based on a predetermined formula. This ensures the purchasing power of the received benefits remains consistent.
Waiver of Premium: If a policyholder becomes disabled and begins to receive benefits, many policies waive the requirement to continue paying premiums for the duration of the disability.

Long-Term Disability Insurance vs. Workers’ Compensation

Both long-term disability insurance (LTD) and workers’ compensation provide financial support to people who can’t work due to illness or injury. However, they serve different purposes and have distinct characteristics. Here’s how these two benefits compare:

Long-Term Disability Insurance (LTD):

Purpose: LTD provides replacement income when someone cannot work for an extended period due to illness, injury, or other disabling conditions. Crucially, it does not matter how the injury or illness occurred.
Coverage: Typically covers a portion of the policyholder’s salary, often ranging from 50 percent to 60 percent, depending on the specific policy.
Duration: Benefits can last for several months to many years, depending on the policy’s terms and the nature of the disability.
Origin of Disability: LTD provides coverage whether the disability results from an event related to work or outside of it.
Payment: Premiums for LTD policies are either paid by the individual, their employer, or shared between both. Depending on who pays the premium, the benefits might be taxable.

Workers’ Compensation:

Purpose: Specifically designed to cover employees who suffer illnesses or injuries that arise out of their jobs.
Coverage: Offers benefits for medical expenses, rehabilitation, and a portion of lost wages. The percentage of wages covered might vary from one jurisdiction to another.
Duration: The duration of benefits can be limited, depending on the severity of the injury and the specific regulations in a given jurisdiction.
Origin of Disability: Only covers disabilities or illnesses directly related to the job or workplace environment.
Payment: Employers pay for workers’ compensation insurance. Any benefits received are generally tax-free.

Common Disabling Health Conditions Among Portfolio Managers

Portfolio managers often work in high-stress environments, juggling complex financial data and managing significant assets. The nature of their work can lead to several ailments and conditions that might result in long-term disability. Here’s an outline of some of these common ailments:

Mental Health Disorders: The pressures of managing vast sums of money and navigating volatile markets can lead to chronic stress, depression, and anxiety disorders.
Heart Disease: Prolonged stress, a sedentary lifestyle, and the potential for poor dietary habits can increase the risk of heart-related conditions among portfolio managers.
Hypertension: Chronic high blood pressure can result from continuous stress and long working hours.
Back Pain: Spending long hours sitting, especially with poor ergonomics, can lead to debilitating chronic back and neck issues.
Substance Abuse: The pressures of the job and the industry culture might push some portfolio managers toward unhealthy coping mechanisms, including alcohol or drug abuse, which can lead to longer-term health implications.

Common Legal Hurdles with Long-Term Disability Claims

When portfolio managers file long-term disability claims, several legal challenges can arise. The definition of “disability” in their insurance policy might only recognize total incapacitation rather than job-related disabilities. Additionally, Insurers often demand robust medical evidence, which can be tricky, especially for ailments like mental health disorders.

It’s common for insurance companies to employ surveillance tactics when someone files a long-term disability claim. An insurance company might scrutinize a claimant’s activities, including their social media posts, to find evidence of supposed fraud or deceitful conduct.

Additionally, pre-existing conditions or specific policy exclusions can become points of contention, leading to claim denials. Deadlines are crucial; not following reporting or filing timelines can jeopardize a claim.

Finally, insurers might dispute the intricacies of a portfolio manager’s job to argue they can still perform essential duties.

Given these challenges, portfolio managers benefit immensely from hiring an attorney adept in long-term disability claims.

Let Our Long-Term Disability Attorneys Protect Your Rights

The long-term disability attorneys of Capitan Law pride themselves on providing robust representation for workers of all kinds. We know how stressful these cases are and what’s at stake for our clients. We can help you secure the benefits you need to take care of yourself after a disabling injury or illness. Call (267) 419-7888 today or reach out online for a complimentary case review. We have offices in Kentucky and Pennsylvania, and we also serve clients in New Jersey.

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