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What Should I Consider When Choosing My Disability Insurance Company?

When choosing a disability insurance company, you should consider how the company internally defines the term disability, third-party reviews, and how they manage their policies. Performing an adequate background check on any potential providers may reduce the chance of buyer’s remorse in case you need to access those benefits later.

If you are having trouble receiving the long-term disability benefits covered by your policy, then you may need to reach out to an Ontario disability lawyer to help you refile your claim or file an appeal.

Determine if You Need Disability Insurance First

If you’re asking what should I consider when choosing my disability insurance company, long-term disability insurance is an excellent form of protection that you may use to provide benefits for you in case you are unable to work or make money. In general, a disability insurance provider may replace between 60 to 70 percent of your employment income permanently or temporarily.

We recommend you establish the extent of your disability insurance needs. This may require speaking with your doctor and any other medical providers. They may be able to complete any and all required paperwork and reports regarding your injury and illness. You may discuss your options by speaking with an insurance company or provider about your specific situation.

Understand How the Company Defines the Term Disability

The standard definition of disability is the insured person being unable to perform their typical job duties as it relates to the job held at the time of becoming disabled. However, there are specific terms and conditions contained within this definition that your insurance provider may consider when assessing your eligibility.

When you’re asking yourself, what should I consider when choosing my disability insurance company, you should review the company’s guidelines before making a selection, particularly as it relates to your health, lifestyle, and occupation. It is easier to back out before committing if the provider’s definition does not align with your needs.

Review What Third-Party Rating and Independent Review Sites Are Saying

While your initial search may consist of what other customers are saying online, it is also worthwhile to check out what third-party rating and independent review sites have to say about the company. There are several sources online that are not reputable, which means that you should investigate the source of the rating site as well.

Well-known sources of insurance company ratings include:

  • Moody’s
  • Fitch
  • Standard & Poor’s
  • A.M. Best Company

These organizations rate companies on their financial track record, company management, and other qualitative measures. You may use this information alongside your own findings to make an informed decision regarding your choice in insurance providers.

Establish Whether the Policy Is Non-Cancelable or Guaranteed Renewal

Premiums may vary from provider to provider. While some policies permit you to lock-in a rate, there are others who do not. This aspect of your plan is affected by whether it is non-cancelable or a guaranteed renewal policy.

These two options have similarities. Therefore, it is wise to invest time in understanding how your insurance provider handles it since it may affect your long-term and overall strategy.

Guaranteed renewal policies generally allow you to renew your coverage without making any changes, but it may result in a premium fluctuation. On the other hand, a non-cancelable policy guarantees that your premiums and coverage do not change, assuming that you do not cancel it.

Your Employer May Have a Disability Insurance Plan Available

Another strategy for selecting a disability insurance company is by simply using the provider available through your employer if it offers this benefit. When asking yourself what should I consider when choosing my disability insurance company, you need to consider that if you have coverage available through your employer, then you might want to select an independent disability insurance policy that addresses gaps in coverage.

It is imperative to be aware that if your employer pays your policy premiums, then you pay taxes on the benefits when you draw upon them. However, if you are the one who pays the premium, then you do not pay taxes on disability payments.

In matters involving the shared payment of benefits, you may want to discuss this scenario with a tax expert to help you better understand what to anticipate. Either way, getting your taxes right is an important aspect of receiving benefits, since any errors may result in charges against filers who make mistakes on their annual report to the Canadian Revenue Agency.

Contact an Ontario Long-Term Disability Claims Lawyer for More Information

Even reputable insurance providers deny benefits for which their policyholders qualify. If you are facing a denial of coverage or an appeal claim, discussing your legal options with an Ontario long-term disability claims lawyer may help you understand disability insurance claims what you may do to move forward in your pursuit of coverage.

The legal team at Preszler Injury Lawyers invites you to contact our firm for a free initial consultation. You may request yours by calling 1-800-JUSTICE today.

Call us now at

151 Eglinton Ave W,
Toronto, ON
M4R 1A6
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Burlington, ON
L7L 4X6
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2 County Ct Blvd #400,
Brampton, ON
L6W 3W8
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Whitby, ON
L1N 1C4
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92 Caplan Ave #121,
Barrie, ON
L4N 0Z7
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380 Wellington St Tower B, 6th Floor,
London, ON
N6A 5B5
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2233 Argentia Rd Suite 302,
East Tower Mississauga, ON
L5N 6A6
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1 Hunter St E,
Hamilton, ON
L8N 3W1
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459 George St N,
Peterborough, ON
K9H 3R9
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22 Frederick Street,
Suite 700
Kitchener, ON N2H 6M6
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116 Lisgar Street, Suite 300
Ottawa ON
K2P 0C2
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Scarborough, ON
M1B 3C6
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