Mansell, Engel & Cole

Why having LTD insurance can be vital for individuals, families

How important is it for most individuals and families in Oklahoma and nationally to have a reliable and protective long-term disability insurance policy in place to cover protracted health challenges that can arise in life?

Commentators on that subject matter mince no words when they venture their opinion. They cite to broadly sourced reports and statistics that evidence this: Having a quality policy in effect can spell the difference between continued financial solvency and sheer economic woe.

Consider this Social Security Administration-authored data: According to the SSA, about 25% of all Americans who are currently young adults will be disabled before reaching their official retirement age.

How can an attendant -- and sudden -- lack of income be made up?

The answer is through the benefits provided by a solid LTD policy, of course. Such vehicles are often offered by employers through workplace programs and can additionally be purchased on the private insurance market.

Tellingly, though, many people don't take advantage of the need and opportunity to follow through. What is described as a "critical safety-net benefit" is reportedly purchased by only about one in five insurance-eligible individuals.

Unquestionably, having LTD coverage provides peace of mind concerning long-term disabling conditions that can unforeseeably arise, with one caveat attached.

And that is this: An insurer must duly perform when the need to do so arrives.

Unfortunately, an insurer's timely legal compliance with its policy duties is far from an assured outcome in legions of cases. That reality often renders it an imperative for a policyholder facing a claim delay or denial to seek the counsel of a proven insurance law firm that fights aggressively on behalf of claimants.

Individuals who scrupulously comply with all the duties imposed upon them as policyholders have a reasonable expectation that an insurer will act in similar good faith. When that is not the case, seasoned claimants' attorneys can step in to forcefully advocate for a just outcome.

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