Long Term Disability
Representing injured and disabled workers in middle Georgia and across the state including Macon, Warner Robins, Perry, Eastman, Dublin, Atlanta, Augusta, Savannah, Albany, and Valdosta.100 million workers or 69% of the private sector workforce do not have private long term disability insurance. Why? 64% of workers believe they have less than a 2% chance of being disabled for 3 months or more during their working career, and most working Americans believe their own chances of being disabled are less than the average worker.
However, this is a major misconception. The actual odds that a worker entering the workforce today will suffer a disability lasting greater than 3 months during his or her working career is 25%, or about 1 out of every 4 will suffer some sort of long term disability. And some estimates are even higher suggesting 3 out of every 10 will become disabled. Consider these statistics posted by the Council for Disability Awareness:
A typical male, age 35, 5'10″, 170 pounds, non-smoker, who works an office job, with some outdoor physical responsibilities, and who leads a healthy lifestyle has the following risks:
- A 21% chance of becoming disabled for 3 months or longer during his working career;
- with a 38% chance that the disability would last 5 years or longer,
- and with the average disability for someone like him lasting 82 months,
- If this same person used tobacco and weighed 210 pounds, the risk would increase to a 45% chance of becoming disabled for 3 months or longer.
A typical female, age 35, 5'4″, 125 pounds, non-smoker, who works mostly an office job, with some outdoor physical responsibilities, and who leads a healthy lifestyle has the following risks:
- A 24% chance of becoming disabled for 3 months or longer during her working career;
- with a 38% chance that the disability would last 5 years or longer,
- and with the average disability for someone like her lasting 82 months.
- If this same person used tobacco and weighed 160 pounds, the risk would increase to a 41% chance of becoming disabled for 3 months or longer.
Now, contemplate that 90% of wage earners consider their ‘ability to earn an income' as “valuable” or “very valuable” to achieving long term financial security, and that 48% Americans do not save any portion of their income, and 1/3 have no retirement savings. Thus, a long lasting disability can have a devastating impact on one's financial security or his or her ability to provide financially for themselves or their family. Now, consider that in 2012, 65% of social security claims were denied.
Often times, even for the successful claims, the process can take two years or longer.
Certainly if you have not considered obtaining a long term disability policy, it is something worth discussing with your insurance agent or financial representative. However, if you do have such a policy, getting the insurance carrier to timely and properly approve your claim or pay benefits is an entirely different story. Hard working people from doctors to industry employees to self-employed individuals unfortunately too often find themselves in the fight of their life when trying to qualify for disability benefits under a long term disability insurance policy bought and paid for to provide for the unforeseen disability you now face.
ERISA
Governing most policies, ERISA (Employee Retirement Income Security Act), passed in 1974, was supposed to protect employees, but insurance companies have successfully exploited this legislation, writing LTD contracts full of loop-holes to deny, delay, or offset benefits at the exact time you were most counting on this income to meet financial needs. Most policy procedures require the disabled employee to successfully navigate their complex “administrative process” before initiating litigation. What the insurance company will not tell you is that during this administrative process, they are solidifying their case against you.
Obtaining qualified legal assistance at the earliest point possible is critical to maximizing the likelihood of success. In many cases, waiting until after being denied at the end of the “administrative process” is too late. Contact us so we can discuss your case and make plans on how best to proceed with your case.