The Financial Hardship of Denied Long Term Disability Benefits and How Iacobelli Law Firm Can Help5/31/2024 Facing a denial of long term disability (LTD) benefits can be a devastating blow, especially when you're already dealing with the challenges of a disability. The financial strain, coupled with the emotional toll, can feel overwhelming. Unfortunately, this scenario is not uncommon. Disability Insurance companies often deny claims as a tactic to save money, leveraging an unfair advantage over those who are already vulnerable. At Iacobelli Law Firm, we understand these dynamics and are committed to fighting for your rights without adding to your financial burden.
The Impact of Denied Long Term Disability Benefits When your LTD benefits are denied, the financial consequences can be severe. Without the income replacement that these benefits provide, you may struggle to cover basic living expenses, medical bills, and other necessary costs. This financial hardship can lead to:
Insurance Companies’ Tactics Insurance companies are in the business of making profits, and one of their strategies to protect their bottom line is to deny or delay legitimate claims. They may use various tactics, such as:
How Iacobelli Law Firm Can Help At Iacobelli Law Firm, we are dedicated to holding insurance companies accountable for their actions. Our experienced LTD lawyers are well-versed in the tactics used by insurers and are prepared to fight for your rights. Here’s how we can help:
A denial of long term disability benefits can create significant financial hardship and is often a tactic used by insurance companies to save money. At Iacobelli Law Firm, we understand these challenges and are committed to fighting for your rights. By working on a contingency fee basis, we ensure you can access top legal representation without upfront costs. Let us help you hold insurance companies accountable and secure the benefits you deserve. Contact us today for a free consultation and take the first step towards justice. Andrew Iacobelli is an experienced personal injury lawyer who established Iacobelli Law Firm with offices located in Ontario, Canada and Florida, U.S.A. Andrew restricts his practice to the representation of personal injury victims in claims involving serious injuries, Catastrophic Injuries, and wrongful death in Canada and the United States. Andrew is a lifetime member of the Million Dollar Advocates Forum, and the author of "Are You a Canadian Injured in the United States? Claim the Damages and Insurance Coverage the Right Way". Andrew also hosts a popular podcast and YouTube channel on the subject of personal injury law and the rights of injury victims.
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Long-term disability (LTD) insurance provides financial support to individuals who are unable to work due to a serious illness or injury. At Iacobelli Law Firm, we frequently receive inquiries about the intricacies of LTD claims, particularly regarding lump sum buyouts. In this blog post, we'll delve into the key aspects of LTD claims and the potential benefits and drawbacks of opting for a lump sum buyout.
What is a Long-Term Disability Claim? A long-term disability claim is a request for financial assistance made by an individual who cannot work due to a debilitating medical condition. These claims are typically filed with an insurance company that provides LTD coverage, either through an employer-sponsored plan or a privately purchased policy. The process of filing an LTD claim involves submitting medical evidence of the disability, demonstrating how it impairs the ability to work, and proving that the condition meets the policy's definition of disability. Once approved, the claimant receives monthly benefits to replace a portion of their lost income. Lump Sum Buyouts Explained A lump sum buyout is an offer made by an insurance company to settle an LTD claim with a one-time payment rather than ongoing monthly benefits. This option can be appealing for several reasons, but it also requires careful consideration of various factors. Advantages of Lump Sum Buyouts
Disadvantages of Lump Sum Buyouts Potential Underpayment: Insurance companies may offer a buyout that is less than the total value of the future monthly benefits. It's crucial to carefully evaluate the offer to ensure it is fair.
Considerations Before Accepting a Lump Sum Buyout Assess Your Financial Situation: Consider your current and future financial needs, including medical expenses, living costs, and long-term financial goals. Evaluate the Offer: Compare the lump sum offer to the total value of your remaining monthly benefits. It may be helpful to consult with a financial advisor or an attorney who specializes in disability claims to ensure the offer is fair. Understand the Terms: Carefully review the terms of the buyout offer, including any conditions or waivers that may affect your rights. Seek Professional Advice: Consulting with professionals who have experience in LTD claims and lump sum buyouts can provide valuable insights and help you make an informed decision. Deciding whether to accept a lump sum buyout for your long-term disability claim is a significant decision that should not be taken lightly. At Iacobelli Law Firm, we are committed to helping our clients navigate the complexities of LTD claims and make decisions that best serve their interests. If you have questions about your LTD claim or need assistance evaluating a lump sum buyout offer, please don't hesitate to contact us. If you have any further questions or need personalized advice regarding your LTD claim or lump sum buyout, feel free to reach out to our team. We're here to support you every step of the way. Andrew Iacobelli is an experienced personal injury lawyer who established Iacobelli Law Firm with offices located in Ontario, Canada and Florida, U.S.A. Andrew restricts his practice to the representation of personal injury victims in claims involving serious injuries and wrongful death in Canada and the United States. Andrew is the author of "Are You a Canadian Injured in the United States? Claim the Damages and Insurance Coverage the Right Way". The Disability Insurance company has denied your claim, and they have told you that you can appeal the decision: What do You Do Now? Unfortunately, the so-called "Appeal" is with the same disability insurance company that has already denied your claim on the first go. This really is not much of an appeal process, as you will not have an independent adjudicator reviewing the file and determining whether the Disability Insurance company acted appropriately or not. In our experience, when a person is denied disability benefits, the decision is rarely overturned where the person attempts an appeal on their own. Disability insurance companies are experienced in reviewing claims and determining those circumstances where a claim may be denied. The denial of claims saves thousands of dollars for the Disability insurance company. Those applying for disability benefits may feel that their claim has merit, and they are genuinely disabled and unable to continue working. Unfortunately, this is not always enough to be successful in a disability claim. That is why an appeal of the denial, without more, is rarely successful. At its core, the disability claim is seeking to enforce a contract. In exchange for premiums paid on the policy, the Disability Insurance company has promised to pay benefits where specific conditions are met. It is all in the details of the policy. In order to be successful, you must be familiar with the terms of the policy and the conditions upon which the insurer is responsible to pay. That is why a disability insurance claims lawyer can be so helpful in the process. We can review the circumstances of your disability, and look carefully at the terms of your contract to assess the strength of your claim. With the right guidance and information, our experience has been that claimants are ultimately paid for their disability claim. Of course, every case and circumstance is different and that is why it is important to have a lawyer look at the particular details of your claim. To learn more about your rights following a denied Long Term Disability claim, or for a FREE CONSULTATION with a disability claims lawyer call us at 416-900-1070. We help with disability claims throughout Ontario. In the context of a disability insurance policy, the term "total disability" usually does not mean that the person is completely incapable of carrying on a normal life. Although insurance companies will often stress the significance of totally disabled, the test is not as restrictive as they may have you believe. Instead, a total disability refers to the person's ability to engage in the essential or important tasks of employment or occupation. In disability insurance policies, total disability will depend on the contract definitions.
Often, in the first two years following the onset of a disability, the test for total disability may focus on the person's ability to perform the duties of their own job. The test for total disability may be met if the person is unable to perform the important or essential parts of their own occupation. Following the first two years, the test may change to be more restrictive. Often, to obtain disability benefits beyond two years, a total disability may be established where the person is unable to work in any occupation for which they are suited by education, training or experience. There are many court decisions interpreting the meaning of a total disability for a person's own occupation and any occupation. If an insurance company has declined disability benefits, you should consult with a lawyer about your rights. Iacobelli Law Firm may be able to assist you in recovering disability benefits if you have been unfairly denied benefits. For a FREE, no obligation, Consultation call us 24/7 at 1-866-234-6093 or complete our online contact form here. Ontario personal injury lawyer, Andrew Iacobelli, has dedicated his practice to helping individuals and families that have sustained serious personal injury as a result of an accident, or who have been denied insurance benefits. If you or a loved one has been seriously injured as the result of an accident, or if you have been denied insurance benefits, you may have a claim. Andrew Iacobelli serves Toronto and the GTA, including Bramptom, Mississauga, Scarborough, Thornhill, Richmond Hill, Vaughan, Woodbridge, Newmarket, and Aurora Ontario.
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