Purchasing disability insurance is complicated. There are a bewildering variety of insurance products available to cover the risks associated with long term disability. They include policies that replace lost income; cover the ongoing cost of office and other business expenses; waive the payment of mortgages, loans and life insurance premiums; and address a multiplicity of other risks.
Additionally, there are innumerable variations from one policy to the next in terms of their substantive provisions, their cost and tax treatment, and other important factors. Typically, the policies are lengthy and written with technical language a lay person has difficulty understanding. Important provisions are deeply embedded and hard to find. And nowhere in any policy can one find information on what are perhaps the most important factors insofar as the insured is concerned—what are the carrier’s claim practices; how likely is it that benefits will be provided in the event the need arises; and how difficult will it be to maintain those benefits into the future?
A qualified agent can provide important information regarding the terms and cost of coverage, but only a few have more than a limited understanding of the factors that determine claims success or failure under a given policy. Most agents can't provide detailed assessments of a carrier’s record of approving claims, or explain the protocol a carrier will follow to verify ongoing eligibility once a claim has been approved. These are all critical factors to be considered when comparing policies and purchasing coverage.
Frank provides advice on the purchase of all forms of disability insurance. He works with doctors, lawyers, business executives and others who are in the market for individual insurance, as well as employers, HR representatives and labor unions contemplating the purchase or renewal of group coverage. He is prepared to assess the need for, type and amount of coverage required; to evaluate specific policies and their terms; and to compare their respective costs and benefits. He can also provide meaningful insight into the carriers’ claims practices based on real world experience with them.
Frank encourages anyone in the market for disability insurance to confer with him before purchasing coverage. He knows the best agents in town and will work with them to secure good coverage with a reputable carrier. Obviously, there is a cost associated with this. However, it’s better to make a sound and informed decision up front than to be surprised and disappointed when and if the need for coverage ever arises.