If you have a long-term disability and are concerned about your ability to pay for medical costs and life expenses through life insurance, contact the Indianapolis life insurance claim attorneys of Hankey Marks & Crider at (317) 634-8565 today.
Whether your disability is a long-standing condition, a new impairment, or caused by negligence, medical expenses and loss of income are sure to take a toll on your personal finances. Although not all life insurance policies are structured to alleviate financial burden before the occasion of death, some policies have special options available for individuals with long-term disabilities that will help cover expenses. Hankey Marks & Crider can help you get the compensation you need when you call us today at (317) 634-8565.
Why Do I Need a Lawyer?
Life insurance policies are incredibly complex, and specific to the individual whom they cover. The policies themselves are likely to be filled with legal jargon that can be difficult for the layperson to decipher. Furthermore, trying to understand whether or not the policy in question includes a disability rider, and then if that rider will provide necessary financial relief, adds yet another layer of confusion to the process.
A lawyer experienced in both life insurance, and long-term disability benefits is essential to understanding your life insurance policy and whether it can help you in these circumstances. Attorneys are fluent in the jargon common to legal documents such as these, and the right lawyer will skillfully guide you through the legal process of receiving disability benefits.
Why Choose Hankey Marks & Crider?
A life insurance policy is one of the largest assets a loved one can leave behind after death. At Hankey Marks & Crider, we understand how monumental the features of a life insurance policy are. Life insurance policies are not mere pieces of paper; they represent future security, and potentially, present financial relief. That is why, at Hankey Marks & Crider, we will work diligently to assure your family of a stable future.
Our firm has won many accolades in the legal community for the outstanding quality of our representation. We have earned a 10.0—the highest possible “superb” rating—from Avvo. However, our greatest accomplishments are not the awards we’ve received but the outcomes we’ve achieved for individuals in Indiana. We have served the disabled population of Indiana for 35 years, and are fiercely passionate about helping community members in their time of need.
In our 35 years of service, we have amassed large stores of legal know-how and strategy which we put to use on behalf of our clients. We take time to understand you and the challenges you are working to overcome. Then we use our extensive legal knowledge to help you get the financial relief you need.
What Do I Need to Know About Life Insurance Policies?
Life insurance is an insurance policy which one pays into throughout life, and on the occasion of that individual’s death, the money contributed is paid out to their beneficiaries.
The individual who holds a policy pays premiums throughout their life which contribute to their life insurance policy. At the end of life, insurance companies pay out claims. These claims are the benefits received by those designated by the deceased. Subtracting the claims from the premiums is how to calculate a life insurance company’s profit.
If you have dependents, life insurance is a good idea. Life insurance is meant to alleviate the financial stress that comes with death. This financial stress can come from medical bills, funeral expenses, unpaid rent, debts, mortgages, or lost income. As will be elaborated further, sometimes life insurance can relieve the financial burden of disability before life ends.
There are four main players in a life insurance policy. The insurer is the company that will provide the payouts upon the occasion of death. The beneficiary is the individual(s) that will receive the payouts. The insured is the individual to whom the policy is attached. And the owner is the individual that pays the premiums of the policy. The insured and owner may or may not be the same person.
How Can Life Insurance Aid Me With My Long-Term Disability?
A “disability rider” can be added to a life insurance policy to alleviate some of the financial burden caused by a disability. A rider is an add-on to a life insurance policy. Typically, disability riders come in one of two forms. The first, an accelerated death benefit rider, enables the party insured by the policy to receive payouts before death. These payouts often cover medical expenses, or lost income due to the inability to work. The amount taken out of the policy during life will be subtracted from the payout received by the beneficiaries on the occasion of death.
The second rider that is commonly added to life insurance policies for individuals with long-term disabilities is the waiver of premiums. If you are incapacitated by a disability, it is often difficult to pay your premiums on time due to a lack of employment or an inundation of medical bills. Premium waiver riders will suspend the payment of your premiums until you are back to full-time occupation. This is a better option than simply letting your premium payments lapse, because falling behind could reduce the final payout your beneficiary receives upon the occasion of death, and can endanger your chances of receiving Social Security Disability benefits.
Sometimes, the “bells and whistles” on a life insurance policy are worth it. Talk to an attorney today to examine your policy and take stock of the benefits you could be receiving.
Life insurance policies should not be a mystery, especially when they have the potential to significantly reduce financial stress on you and your family. If you have a long-term disability, it is imperative to hire an attorney. A lawyer will examine your life insurance policy to determine what beneficial riders are attached to it, if any. Our long-term disability team at Hankey Marks & Crider is prepared and eager to help you get the benefits you need. If you or a loved one has a long-term disability in Indiana, call us at (317) 634-8565 to get started on your journey to financial stability.