Recently I touched base with a client to review her insurance needs. I’ll call her “Dr. Gyn.” She is an OB/Gyn here in Denver, CO who has been a client of mine for over a decade. She informed me that unfortunately she was just diagnosed with breast cancer and was getting ready to go in for treatment. She reached out to me for some disability insurance claims advice.
I immediately informed her of the way her policy works and assured her that she would be covered. Her response to me was surprising. “I don’t want to file a claim. I’m afraid that I will use up my benefit and nothing else will be covered.”
When I first met Dr. Gyn, she was a graduating medical resident from University of Colorado. We took care of her individual disability insurance policy at the time. When she applied for coverage, she was healthy and had no pre existing conditions. Her policy was issued as an own occupation policy without any exclusions.
Over the years, we increase her insurance and took care of her life insurance needs when she had children. A few years ago, she was diagnosed with MS multiple sclerosis. She has never missed a day of work—until now.
Dr. Gyn’s main concern is that she will need her policy in the future as her MS progresses. I assured her that her MS, too, will be covered. Since her policy is noncancelable, guaranteed renewable, the company can never cancel or modify her policy in any way. If she files a claim for the breast cancer and later goes back to work, the policy will resume an not have any exclusions. Both the MS and breast cancer will be covered.
Dr. Gyn was very relieved. Her family relies on her heavily financially and this took away a huge burden that was hanging over her.
Once again, I was reminded of the power of disability insurance. One never knows what the future holds and when/if they will ever need to file a claim.
The lesson to be learned is to purchase a disability insurance policy while you are healthy with as many increase riders as possible. This will allow future benefits despite an adverse change in health.
Contact Set for Life Insurance today for a customized quote comparison designed to suit your needs!
