Most people’s financial security depends on their capacity to work and earn a consistent wage. When an accident or medical condition causes long-term disability, benefits from your employer’s group insurance or a privately bought policy can help you make ends meet.
Dealing with insurance, unfortunately, can be a dreadful experience. Too often, those who file claims are denied or face lengthy delays. Being ready and understanding the strategies used by these companies will increase your chances of receiving the advantages you are entitled to and deserve. Talk to an experienced attorney from The Law Office of Nancy L. Cavey today to learn more.
Insurance company tactics when dealing with claims
Insurance firms typically advertise themselves as “nice neighbors,” willing to help when unforeseen tragedies occur. The truth is that they are large corporations whose prime concern is not your well-being but rather their financial gain.
According to the American Association of Justice, insurers earn more than $30 billion in profits yearly and pay their CEOs more than any other industry. They generate money by delaying paying out on claims and charging exorbitant premiums for policies.
Whether applying for long-term disability benefits through your workplace or a private policy, insurance firms are likely to use three common strategies to protect their profits:
Denying your claim
One of the most common complaints against insurers is the automatic denial of claims. The insurance company may claim that your disability is not included under the terms of your policy, that the policy was not in effect at the time of impairment, or that you failed to follow the required filing requirements.
Delaying your benefits
Another common fear when dealing with insurers is long delays in processing claims and giving out benefits. Requesting extensions in the time required to process claims or requesting extra, more specific information from the claimant are common tactics.
Downplaying the amount you are entitled to
Saying that your coverage is only for a limited time, that you are only entitled to a fraction of your pay, and withholding benefits through periodic reviews are all techniques used by insurers to avoid paying you the full amount you deserve.
Many people are unlikely to recognize these tactics since they have never had to deal with a disability insurance claim. People understandably have faith in the claims procedure. Hiring a lawyer is a good idea when things go wrong, such as receiving an unexpected denial or getting a runaround when attempting to contact the insurance company. If you are facing problems, schedule an appointment with an experienced disability lawyer today.