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Regardless of whether you expect it or not, a disability is something that could tremendously impact your overall lifestyle. It could get you trapped in a situation in which you wouldn’t be able to make the necessary income to meet your regular living expenses. It’s a very scary spot to be in, especially if you are the provider for your family. This is something that you ought to account for. So, with this in mind, let’s have a look at the specifications behind long-term disabilities and the way they could be compensated.
Long-term disability insurance: what you need to know
For the majority of group as well as individual policies you are pretty much getting what you are paying for. The cheaper the policy is, the cheaper your coverage is. However, even the best and the most iron clad policies are filled with loop holes which are capable of minimizing the claim that you have. A lot of insurers in Ontario are going to put individual rules in their policies which are specific and you might not even catch them up. For instance, there are certain policies of companies in Ontario which are going to pay up to about 60% of your monthly basic earnings. What is more, there is a range of different subtractions that the insurer is going to do. For instance, the calculated amount will exclude the amount that you get for the same or for a subsequent disability from a sponsored plan from the government. There are quite a lot of other considerations of the kind.
So, basically, not only won’t you receive the full amount of your monthly compensation but there are a lot of deductions which are going to take place. But that’s not all. Policies of the kind are also not going to pay for any periods during which you are not receiving any kind of appropriate treatment or if you are absent from the country for more than 4 months for any give reason. That’s right – if you are on rehab abroad, you will get expelled from the policy.
Furthermore, there are pre-existing conditions which could easily cause your insurer to deny your claim altogether. And, the worst thing is that these policies are so extensive and hard to follow that it’s absolutely possible that you never even go through these. In any case, it’s pretty obvious that there is a lot of harm which could be potentially done when it comes to it. The best thing that you can do is to take advantage of the services of a personal injury lawyer with the necessary expertise. This is going to guarantee that your interests are well protected and that your rights are legally represented, should it come to it. This is something that you should definitely take into consideration. Thus, if you are layman with no prior experience with law, it is always good to engage the services of an injury lawyer in Ottawa.