What happens to your life insurance policy when you go on disability? This is a question that many people are unsure of.
The answer is that most group life insurance policies contain exceptions that allow for life insurance to continue while an employee is disabled without a requirement to pay premiums for ongoing coverage.
In this blog post, we will discuss what happens to your life insurance policy when you go on disability and how you can ensure that your coverage continues uninterrupted.
Employer-Provided Coverage
If you have a group life insurance policy through your employer, the chances are that your policy contains an exception for disability. This means that if you become disabled and are unable to work, your life insurance coverage will continue without the need to pay premiums.
In most cases where the life insurance and disability insurance are underwritten by the same company, a waiver of life insurance premiums claim is opened after long-term disability benefits are approved by the insurance company. However, it is always a good idea to check with your insurer or employer to be sure.
If you are approved for a waiver of premium under the life insurance policy, it will be periodically reviewed to confirm you continue to meet the definition of disability. The definition of disability in the life insurance policy may be different from the one found in the disability insurance policy.
Individual Coverage
If you have an individual life insurance policy, the rules may be different. Some policies will allow you to continue coverage while on disability, but others will not. It is important to check with your insurer to see what their specific policies are.
Some insurers may require that you submit proof of disability in order to continue your coverage. Others may require that you pay a higher premium in order to keep your coverage while on disability.
Ensuring Your Coverage Continues
If you are going on disability and want to make sure that your life insurance coverage continues, there are a few things you can do.
- Check with your insurer or employer to see what their specific policies are. In a group policy, you may be entitled to a waiver of premium if you meet the definition of disability. If you have an individual policy, be sure to check with your insurer about their requirements for continuing coverage while on disability.
- If you are able to continue paying premiums while on disability, consider doing so. This will ensure that your coverage does not lapse and that you will be covered in the event of your death.
- Consider converting your life insurance policy to a whole life policy. This will ensure that your coverage continues even if you are unable to work or pay premiums.
Attorneys That Specialize in Handling Your Disability Insurance Claims
As a law firm that specializes in helping people get disability benefits from insurance companies, our lawyers are experts in disability insurance.
Why Us?
- Every lawyer focuses on disability insurance claims, appeals, and lawsuits;
- We have a proven track record of success – we have won major federal court disability lawsuits;
- We have recovered millions of dollars in disability benefits for clients across the country;
- Our disability lawyers have challenged every major insurance company and know their tactics;
With so much at stake, shouldn’t you have experienced disability lawyers on your side?
Because federal law applies to most disability insurance claims, your disability lawyer does not have to be located in your state to help.
Call to speak with a disability insurance lawyer.
Contact Dabdoub Law Firm today at (800) 969-0488 or fill out the online contact form to speak with an experienced attorney about your case.
