When you have filed a long-term disability (LTD) claim, chances are that the first question that occurs to you is: What is my case worth? It is not always easy to answer. Every case is different, and rarely is it easy to figure out the actual value of your benefits with insurance companies. But by learning more about the main elements that are considered when determining a claim and how a long-term disability attorney can assist you, you will have a better idea of the outcome.

In this post, we are going to deconstruct the manner in which LTD claims are considered, how the amount is calculated and why it is important to have an experienced lawyer who can help you get the best possible result.

What are Long-Term Disability Benefits?

Long-term disability benefits are meant to supplement your earnings in the event you are not able to work because of illness or an injury. Most policies pay 60-70 percent of what you earned prior to disability, but the percentage depends on the policy you have.

Important Things That Will Influence the Value of Your Claim

More than your monthly benefit, the value of your LTD case depends on several factors. A number of significant factors come in:

1. The Time it will Take to Pay off Benefits

• Most policies cover until age 65, retirement or the ability to go back to work.
• When you are younger and cannot work long-term, then your claim can be worth hundreds of thousands of dollars in the long run.
• The nearer you are to retirement age, the lower the value will be since the benefits themselves are payable over a shorter period.

2. The Kind of Settlement

• Continuing benefits on a monthly basis-Paid until you no longer qualify and until retirement age.
• Lump-sum settlement- A lump-sum settlement is a one-time amount which is a discount on future entitlements of a person.

Your lawyer shall assist you in determining which will be more convenient to your financial requirements.

3. Set-offs and Reductions

Benefits through LTD are usually cut when you have other income, including:

• CPP Disability.
• Workers’ compensation.
• Other benefits of insurance.
• Part-time income or altered work.

Your long-term disability attorney will make these offset calculations in order to know your net benefit.

4. Medical Evidence

The greater the amount of medical supporting evidence you have concerning your disability, the better your chances of getting full value on your claim. Claims are challenged by insurers on poorly documented or unclear records. The settlement amount can tremendously depend on having detailed medical reports.

5. Tactics of Insurance Companies

Insurance companies normally underestimate claims in the following ways:

• Trying to believe that you can get back somewhere in working somewhere.
• Employment of spies to keep track of you.
• Expert doctors to challenge your disability by using so-called independent medical examiners.

Such tactics are not allowed to dilute the value of your case with unfairness, and a lawyer is able to ensure this does not occur.

The Valuation of Claims(How a Long-Term Disability Lawyer Thought Through the Claim).

When you hire an LTD lawyer, they don’t only consider the benefits you are currently receiving- they put the whole picture into consideration in order to determine the actual value of your case.

That is how they do it:

• Going over Your Policy

No LTD policy is the same. A lawyer will minutely examine the wording to find out coverage, duration of benefits, exclusions and offsets.

• Computation of Past Benefits

In case you have already been denied the claim, you can receive back pay for payments that have gone missing since the period you were first disabled.

• Future flow of Benefits

A lawyer will compute what you would get in the future had such benefits been paid until your age 65 (or the maximum provision of the policy).

• Settlement Discounts

Under lump-sum settlements, the chance of your recovering and going back to work before you retire is something that companies providing the insurance may offer a discount to take into account. An attorney will bargain to make such a discount minimal.

What Makes Insurance Companies Undervalue Claims

Insurance companies exist as profit-making corporations. They want to keep payouts minimal, hence tend to:

• Reject legitimate claims with a flat hand.
• Pay late to get you to take less.
• Propose lump sums that are a long way below the true value of your benefits.

A disability attorney has the knowledge not only of these tricks but also a means of neutralizing them through the presentation of facts, bargaining power, and the arm of the law.

Why you should get a lawyer to get the best out of your claim

People can technically process an LTD claim themselves, but the fact remains that the insurance companies are the ones with the power, the knowledge and the resources to push the game in their direction. The presence of a good lawyer comes with a number of benefits:

• Fair assessment- Your attorney will not only assess what he is being offered, but also determine the total value of your claim.
• Better evidence- They cooperate with your physicians to generate detailed medical evidence.
• Negotiation power - A lawyer is capable of low-balling back and demanding fair deals.

The most important thing is that a lawyer makes sure that you do not leave the money on the table when your future financial life is in jeopardy.

Final Thoughts

The worth of your long-term disability claim is varied, and many different aspects go into determining the value of claims- age, amount of benefits, policy, medical facts and type of settlement. Insurance companies never assume the value of such claims, and they can pay much less than you see what you are due.

With the help of an experienced long-term disability attorney, you are guaranteed that your claim has been valued correctly, your interests are kept safe and that you will be getting the biggest settlement you deserve.

When you ask, “How much should I be getting on a long-term disability claim?” there is no better place to find the answer than an experienced lawyer who can listen to your story, cut through the noise and gimmick numbers, and work hard to win you the compensation you deserve.