We always recommend that people read the fine print of their Long-Term Disability policy. The language in these policies can be confusing, but there are red flags you can watch out for. If you found that your employer's LTD policy is not adequate, read on to find out what you can do.
Human resources are usually responsible for selecting the company’s long-term disability policy. While a few companies are concerned with the quality of coverage they offer their employees, other companies are only concerned with cost. You get what you pay for, and often an inexpensive LTD policy does not provide coverage that benefits employees.
There is no federal oversight on group LTD policies. Unfortunately, this means you could get saddled with an insurance policy that only gives the illusion of coverage. If you are starting a new job and are presented with a LTD policy, read the policy and watch for ambiguous language and terms that are difficult to understand or define. Don’t be afraid to ask questions! Your company's benefit administrator should be able to answer your questions.
If the policy your company offers does not provide you with quality coverage, you may want to look elsewhere. Individuals can purchase their own policy. This puts you in control of and allows you to choose the policy that best serves you and your family.
Want to learn more about LTD claims? You can download a FREE PDF of our disability insurance book, Robbery Without a Gun. You can also call and speak to one of our trained staff members at (703)584-7277.