When describing disability insurance to prospective buyers we, as agents, often deal in hypothetical situations – “if you injure your hand, if you have a heart attack, etc.” However, I find that real-world situations make a better case for the need for disability insurance. The following story is an excerpt (with name change) from a Service Bulletin about a disability claim I received from one of our insurance companies, Berkshire Life Insurance Company of America:
Janice, a partner in a dental practice, one day felt a lump and sought a medical explanation. Early diagnostic efforts suggested it was a benign mass but treatment would reveal a form of leukemia that would lead to a more aggressive treatment regimen. Devoted to her practice, Janice worked regularly though early treatment, often working up to three out of every four weeks, leaving little time to recover from the rigors of chemotherapy. However, the next phase of treatment would include added challenges, including a bone marrow transplant, for which she had to relocate to another city.
As Janice was not able to return to her practice during this period, she naturally received benefits for total disability. Furthermore, given that she also had coverage for residual disability, and a qualifying loss of income, she received residual benefits beginning with the onset of her chemotherapy, even though she was continuing to work at that time.
While her transplant was a success and she was able to return home, Janice will be unable to return to her practice of dentistry for some time. Fortunately, her disability insurance will be there for her and the insurance company will continue to pay her benefits until she returns to work.
I will try to include these claims stories in future blog entries, as we hear of them. I think these stories make a better case for the need for disability insurance than any hypothetical I can conjure up.
Original article: A Real-World Claim
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