Filing a Disability Insurance Claim
May 5, 2011
Jamie Fleischner

Jamie Fleischner

5 May, 2011

A lot of thought and effort is put into the individual disability insurance shopping process.  First you request a quote, analyze the options, go through the medical and financial underwriting process and finally getting the policy issued to your satisfaction. 

It is also important to consider the claims process when shopping for disability insurance.

Here are a couple of common claim questions

Q. How often do claim forms need to be completed?

A. The type of claim determines how often claim forms need to be completed. (i.e. monthly,

quarterly or annually).

Q. What financial documentation do I provide?

A. Federal tax returns are needed to validate

occupation and earnings. With a Residual Disability, financial documentation is needed

to determine the monthly benefit payable. The type of financial documentation depends on if you are: an employee, self employed, a partner, or a shareholder of a corporation.

Common types of financial documents requested are:

• W-2

• IRS Form 1040

• IRS Schedule C

• IRS Form 1120, 1120S or 1065

• Monthly Profit and Loss Statement

• Employment pay stub

Q. How long does the claim approval process take?

A. Depending on the facts of your claim, once all the claim requirements are received, expect a

decision or if additional information is needed, we communicate this within five to seven business days.

Q. What if I have several policies with one insurance company?

A. Only one set of claim forms or other

information requested is needed for any Group Disability and Life or Individual Disability and Life claims. We provide copies to any other departments involved. Although the different departments share information,each claim decision for the different products is done independently based on the provisions of each policy.

Q. When will I receive my first benefit check?

A. Benefits begin to accrue at the end of the policy’s elimination period once your eligibility has been established. The first benefit is due at the end of 30 days.

Example: Disability began on January 3, 2009, with a 90-day elimination period. Benefits begin to accrue on April 2, 2009, and you would receive your first benefit check on or around May 1, 2009. Subsequent benefit checks would be sent on the first day of each month.

Q. Can I get my benefit payments via Electronic Funds Transfer (EFT)?

A. Yes, if your monthly benefits are for more than three months.

Q. I’m concerned about sending financial and other personal documents.

A. All information received is kept confidential.

For more information about shopping for disability insurance, the disability insurance underwriting process or questions about disability insrurance claims, contact the Set for Life Insurance office today.

Related Posts

When is it Time to Drop Your Disability Insurance Policy?

When is it Time to Drop Your Disability Insurance Policy?

So much is written about when and how to purchase an individual disability insurance policy. However, little has been written about when to drop the policy. When to buy. It is important to protect your income when you are dependent on your earnings. If you and/or your...

We’re here to help

Getting the right disability insurance can be downright confusing. At Set For Life, we’ll help you understand the options and work with you to select just the right product for you and your family. These articles will help you understand some of the complexities involved, but we’re happy to walk you through it! If you’re ready to get set, reach out for a quote today!