Our representation does not end once we convince the insurance company to pay benefits. We remain involved to ensure your long-term disability claim is properly maintained and serviced. By being proactive, we work to ensure that your disability benefits are not suddenly cut-off.
Typically, insurance companies demand monthly "claimant statements", and will require "attending physician statements" and financial data to support your claim. The laundry list of materials demanded can be overwhelming. Our goal is to make the process go as seamlessly as possible, so that you can concentrate on your recovery, or challenges you face dealing with a newly discovered or acute disabling condition.
We work hand-in-hand with other professionals assisting with your medical care and your finances. The medical professionals providing your care will be required to complete forms called Attending Physician Statements (APS). Your accountants and bookkeepers may need to assist gathering data regarding Overhead Expense Benefits (OEB), or data needed to calculate your Prior Monthly Income (PMI) for purposes of a residual ("partial") disability claim. Knowing what to ask for from your team, as well as knowing whether the insurance company's requests are reasonable, are key components to a successfully handling your disability claim.
Remember, the goal of your disability insurance carrier is to pay you as little as possible, if anything at all. If you are not proactive, benefits owed can be overlooked without your knowing. You may be entitled to "premium refunds," "COLA benefits," or "automatic benefit increases." Having familiarity with these claims allows our firm to ensure that not one penny owed is overlooked.
"Buy-outs" or "Lump-Sum payouts in exchange for the surrender of your policy" are also ways insurance companies at times seek an unfair advantage. We provide representation to be sure your buy-out arrangement is calculated fairly. "Buy-Outs" usually occur once a claim has been approved, and benefits have been paid over a period of time. The insurance company may approach an insured, and offer a lump-sum payment of money. In return, the insured is required to forfeit the full value of the policy, and must otherwise "surrender" any future benefits that could be owed under the Policy. Judging whether the money the insurance company offers is reasonable is not straightforward and requires assistance from someone who understands complex formulas, methods used to calculate present-day value, mortality ratios, and so forth. We strongly encourage you to seek representation if approached by an insurance company for a buy-out of your disability insurance policy. Contact us at our Scottsdale, Arizona, disability insurance law firm for assistance if you have been offered a "Buy-Out."
If you have been injured or fallen ill, and had the foresight to purchase private disability insurance, we would welcome the opportunity to discuss your situation with you, and to determine whether we can help you to receive the benefits to which you are entitled.