If you have taken out disability insurance coverage on your own, you will need to work directly with the insurer. This includes obtaining information about the policies and paying premiums. Individual disability insurance can supplement a plan you get through work. It’s also essential for self-employed people.
However, some insurers may mislead you to win your business. The following are three deceptions that disability insurance companies use.
1. Resetting the review process
Before signing a deal with the insurer, the chances are they explained the review process to you. They perhaps stated what evidence they will need and the steps to take when you need coverage. However, the moment you file a claim, they inform you of a different process, deny your evidence or continually ask for more evidence. This may be a sign that they were not honest with their review process from the start.
2. Changing your policy terms
An insurer may change the terms of your policy to their advantage. Even though some companies inform clients, others hide this information. Regardless, both situations are not in your best interest.
Such an insurer may have informed you of friendly terms so you will buy the policy from them. You should always keep a copy of the original insurance contracts and any new ones.
3. Using an independent medical examination that isn’t independent
You must submit to an independent medical examination (IME) that the insurer requests to support your claim. However, at times, these examinations are not truly independent.
Your examinations will be scheduled and paid for by the insurance company. Thus, you need to research the physician assigned to you. You can also videotape the whole examination to ensure the results are legitimate.
Disability insurance companies guarantee reliable coverage to policyholders, but not all live by this duty. Thus, it is advisable to have in-depth information to protect your rights.