In Philadelphia, like anywhere else, there is nothing easy about losing the ability to work and earn wages, and subsequently being forced to find financial assistance. In times of sudden injuries or detrimental illnesses, your first and foremost concern must be your own health. Nevertheless, remaining focused on your well-being does very little to help you obtain compensation for your disability. And while the first action you should take is hiring a qualified and experienced Philadelphia disability insurance lawyer, it will also help you tremendously to be familiar with a good disability policy.
There are two main policy options, and they are referred to as an “Own Occupation Policy” and an “Any Occupation Policy.” The “own occupation” policy is the superior option because it affords you coverage if you are unable to work in your average field, even though you may be able to something less demanding. For instance, say you have been working construction for over 20 years and you have recently become disabled. You are now unable to perform the intensely physical demands of your typical job, although perhaps you can still perform clerical tasks, or something less demanding. You can still receive disability benefits with an “own occupation” policy.
With the other option being an “any occupation” policy, you must be unable to perform any work duties whatsoever in order to obtain this kind of insurance. It is important to understand that benefits can be much harder to obtain under this kind of policy, but it is the far cheaper one to purchase. All in all, if you can reasonably afford an “own occupation” policy, then this is the better option to go for.
Of course, the above options are only two things to keep in mind while looking for a policy. Non-cancelable coverage is a major importance when you are shopping around, particularly for younger buyers. Non-cancelable coverage means that the carrier cannot cancel your policy or raise rates, so keep that in mind. It is also crucial to look for residual benefits to be provided as part of a good policy. Residual benefits protect you in the event you are disabled, but still able to work part-time. With residual benefits, you can be compensated for the loss of wages that come with reduced work.
It is equally important to look for other features in a good policy such as a guaranteed renewable option, cost of living adjustment, future increase option, and catastrophic disability benefits. The details and other intricacies to these features can feel a bit complicated, and this only further emphasizes the importance of contacting an experienced disability attorney before doing anything else. A disability lawyer can ensure you that you are getting the best policy for your dollar.
At Edelstein, Martin & Nelson, our highly qualified disability lawyers know all of the ins and outs of what makes a good policy. Although we understand that disabilities often come on unexpected, and whether you’re trying to prepare for the future or file a claim for benefits now, our experienced attorneys can help you determine your best possible options. Call 800-300-0909 or 215-731-9900 to schedule a free consultation today.