We talk a lot of the importance of acquiring a good disability policy with all the right definitions, clauses and riders. The working relationship with your agent/ advisor but the most crucial information you need when a disability occurs, is what to do next.
Get your disability income policy out and refresh yourself on the details. We always suggest that our clients do this at least once a year. This way if there is something that needs to be explained, or changed you can contact your agent and inquire. However, if it has been some time and you are now dealing with a disability give it a good read. Familiarize yourself with some of the important points like your elimination period, the benefit period, the amount of coverage. If your policy includes a 90 day elimination period for example we have to wait 90 days before the policy kicks in. You still need to pay your premium during that period but it will be refunded and waived once your policy begins to pay you. The benefit period indicates how long the policy will pay for in many cases and most of ours it pays to age 65 for permanent disability. Know your monthly benefit amount this is your paycheck while you are disabled.
The next step is to contact your agent. Hopefully, you have enlisted the services of an independent because this is when is really counts. If your agent is a company man/woman than most likely you will be passed to someone else within the organization who handles claims. If you are working with an independent agency like Income Protection Specialist.com then your agent will be your liaison and begin the process of filing a claim. He/ She will review your contract and all its provisions to make sure that you are collecting the appropriate amount allotted.
Having a disability interrupt your livelihood is no laughing matter. Whether your disability is short or long term, you can relax knowing that your bills will be paid because you took the appropriate steps to be prepared.
Stacia Musleh
V.P. Sales and Marketing
