Buying a new home can be exciting but it is also a lot of responsibility. Not only are you responsible for the upkeep of the home but also your mortgage payments. Before you sign the dotted line, however, you should make sure you have disability insurance. Below is some more information about this to help you get started.
If you were to get sick and have to miss work for a long period of time, you would have no money coming in, which may result in you losing your home. This not only puts you out on the street but can destroy your credit.
Disability insurance is a plan that provides you with payments of benefits if you become disabled and are unable to work. You will not receive your entire paycheck but a percentage of it. What this percentage is depends on the plan that you purchase. For example, it could be 70% of your gross income, and the money you receive will be tax free.
If you purchase disability insurance from your employer, make sure you understand how much money you will receive if you cannot work. Do the same if you purchase this insurance from an insurance company on your own.
Make an appointment with an insurance agent if you have questions about purchasing a policy from them.
Disability Insurance Claim
If you become injured or sick that prevents you from working, you first need to file a disability insurance claim with the insurance provider that you purchased the claim from. You will have to fill out a form and describe the sickness or injury that you have. You also have to describe your job responsibilities, your salary, and other financial information. Your doctor must also submit a statement that details your injury or illness, as well as your treatment plan. The doctor must verify that you are unable to work before you claim will be approved.
If your disability insurance claim is denied this can be due to many reasons. For example, your policy may not cover certain types of injuries or illnesses. Some insurance providers set time limits for filing a claim with them. If you miss this deadline, you will not be approved. If the disability insurance company doubts your doctor's findings they will deny you.
No matter why you are denied, you should hire a disability insurance attorney to help you. They can help you determine the exact reason and to file the right paperwork for the appeals process. They will do their best to get your insurance claim approved so you can start receiving your checks.
Your disability insurance attorney, such as Iler and Iler, can explain to you in more detail how this insurance works and about the claims process.