The ‘Value‘ of Double Disability Insurance Policies
By John Curran
There are enough headaches available to beneficiaries when they have to deal with disability insurance claim denial specialists like those that work at UnumProvident. One man recently wondered whether having employer-provided and personal disability insurance plans would cause any problems.
The value proposition for personal disability insurance is questionable, as the cost per dollar in expected benefits is much higher than that for health insurance and other options. However, for those that are willing to contract with UnumProvident disability insurance, there are some important factors to consider.
Disability insurance claim denial specialists have a much easier time with older policies. Many people are unaware that benefits they hear about now, such as partial disabilities, were never covered in the vast majority of older plans. There is also the risk of losing out on other benefits as well as tax issues.
Policies obtained through employers usually reduce Social Security and workers’ compensation benefits. In the case of Social Security, this may not have a drastic impact since it is only about $1,000 per month, but many people may be expecting it. That is a problem when they consult with disability insurance lawsuit attorneys and find out that if there is a claim denial, they may wait months to get Social Security disability income.
On the other hand, the use of both a group policy with a company like UnumProvident disability insurance as well as a private policy is “stackable” in that both benefits will pay out. However, if the employer takes the money out of your paycheck before taxes, any benefits will be taxed according to your new tax bracket. It is important to know these factors that could impact your payout.
However, it is also a good idea to compare disability insurance against other options. For example, many people who are taking the time to check out disability insurance policies also have investments. The compound growth of some financial vehicles could provide more of a cushion than disability insurance options at a lower overall cost.
If you were unaware of the tactics of insurance companies, there are legal options. You can get a free legal consultation from an experienced disability insurance lawsuit attorney at the Unum/UnumProvident Disability Insurance Claim Denial Class Action Lawsuit Investigation. It’s as simple as filling out the short form there. Get the benefits you are entitled to and any damages from having to wait while Unum claim denial specialists dragged their feet. It costs nothing, so find out whether or not you are eligible to pursue a claim against UnumProvident or any other disability insurance provider.
