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 Posted: Tue Feb 17, 2009 10:15 pm Post subject: My Capital One Card held |
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My Capital One Card held credit insurance in case of death loss of employment or total disability., i have been disabled now for two years yet the company refuses to pay what can i do?
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| Posted: Wed Feb 18, 2009 1:46 am Post subject: |
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This would depend on what the definition of "Total Disability" is in the policy.
If they define "Total Disability" as the inability to perform any occupation which is the most stringent definition but you can sit in a wheel chair and stuff envelopes then you're not totally disabled.
I would bet my SAFE designation that's how the contract reads because they didn't do any underwriting.
Only policies that are fully underwritten would offer an "own occupation" definition of disability.
For example a surgeon who loses his hand can't perform surgery anymore and his "own occupation" disability policy would pay benefits even though he could still be gainfully employed as a hospital administrator or surgical consultant.
So, what is the nature of your disability and are you so impaired that you CANNOT perform ANY occupation?
The very fact you posted a message on an Internet message board indicates to me that you could work doing some type of computer data entry.
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GarySpicuzza
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| Posted: Wed Feb 18, 2009 4:37 am Post subject: |
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yeh !! that's right garry.
even some companies do ask for the certificate for disability percentage.
suppose if you are 90 % disabled then they will pay for 100 % sum.
if you are 70% then they may pay you 80 %.
it is all written in their policy docs.
one can obtain the certificate of the percentage of the disability from the health department of the state government.  |
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amit
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| Posted: Wed Feb 18, 2009 7:10 am Post subject: |
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| Quote: | | The very fact you posted a message on an Internet message board indicates to me that you could work doing some type of computer data entry. |
Well, then in a way they can always state that you're not 100% disable or 'total disabled' & therefore wouldn't receive the benefits. The policy must describe what is considered as total disability. Even when a person is disabled he/she can still perform domestic chores, wouldn't he/she then qualify for the disability benefits? |
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simon
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| Posted: Wed Feb 18, 2009 9:34 am Post subject: |
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| Quote: | | The policy must describe what is considered as total disability. |
Exactly and Disability Income policies do define total disability and they also define whether the benefits are paid based on the inability to perform your "own" occupation or ANY occupation. That's a BIG difference!
Individual medically underwritten disability income insurance contracts are the most stringently underwritten policies on the planet. It's much easier to qualify for life insurance than it is disability income insurance.
This is also one of the most overlooked forms of insurance.
It would be my guess the credit card company's definition of total disability is the same as the Social Security Administration:
The quote below is from THIS LINKY.
| Quote: | Is your medical condition “severe”?
For the state agency to decide that you are disabled, your medical condition must significantly limit your ability to do basic work activities—such as walking, sitting and remembering—for at least one year. If your medical condition is not that severe, the state agency will not consider you disabled. |
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| Posted: Wed Feb 18, 2009 12:01 pm Post subject: |
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| Quote: | | It's much easier to qualify for life insurance than it is disability income insurance. |
I think it's solely because the disability coverage is opted by those few who are into a risky profession. Carriers would look upon the probability of disability risks to be more for them than that of losing their lives (which remains equal for everyone).
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anonymous00
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| Posted: Wed Feb 18, 2009 7:47 pm Post subject: |
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| My only thought is if the person has been disabled for two years and has not gotten the disablity insurance from capitol one why bother now. It may be wiser to just work at paying off the credit card and put the whole issue in the past. Not paying will totally mess up the persons credit report so it has to be paid regardless. So if they have not paid in two years its pretty evident they are not planning on it. |
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fireyone
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| Posted: Wed Feb 18, 2009 11:02 pm Post subject: |
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anonymous00 wrote:
| Quote: | | I think it's solely because the disability coverage is opted by those few who are into a risky profession. Carriers would look upon the probability of disability risks to be more for them than that of losing their lives (which remains equal for everyone). |
Thank you for your input but what you wrote above is a total insurance misconception.
High risk jobs are excluded as insurable occupations for fully medically underwritten disability income insurance.
Further, there are some occupations that aren't high risk but the person is almost always guaranteed to be disabled for their occupation, for example, carpet layers are not insurable, barbers and hairdressers are not insurable,... bridge painters are high risk and not insurable, commercial fishermen are also an excluded occupation, just to name a few.
The reason the underwriting is severe with DI is because each and everyone of us has a much greater chance of becoming disabled for a period time in their life prior to age 65 than they do dying prior to age 65.
AND for some icing on the cake there are some DI companies who WILL NOT insure attorneys!
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GarySpicuzza
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| Posted: Thu Feb 19, 2009 12:34 am Post subject: |
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Hmmm. I see bridge painters beng high risk, fishermen , sounds about right but carpet layers?? Why, if I may ask? A Skinned knees?
As for atty why do they need insurance with the price they charge? |
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fireyone
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| Posted: Thu Feb 19, 2009 1:59 am Post subject: |
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fireyone, carpet layers blow out their knees from stretching the carpet with their knee kicker tool. It's a guaranteed future claim and usually an excluded occupation or very limited benefit period.
 I'm taking your attorney comment as nothing more than sacastic humor.  
Once a person becomes disabled the income stops regardless of what they did before their economic life was turned upside down.
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GarySpicuzza
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| Posted: Thu Feb 19, 2009 5:39 am Post subject: |
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Lots of good info here. To say that DI contracts are strictly underwritten is like saying professional athletes are spoiled rotten. It's a given, and the larger the contract and the more lenient the terms, the bigger the circus.
When I was sappy enough to own an agency, we used to deal with group and individual DI coverage. Group, after issuance, was pretty simple due to state laws that required acceptance, etc. Individual DI? High limits? Gimme a break. Hope you got a few years to wait for underwriting in more than a few cases.
Got a high-end professional who want own-occ coverage and lifetime benefits? HAHAHAHAHAHAHAHAHAHA. You can get them issued, but I hope you have patience. We had a sterling rep with our carriers, and it was still a pain in the backside. Life insurance, as previously stated in this thread, is a piece of cake. Lot's of people wonder why that is. Simple, it's all in the stats.
You're 7 times more likely to become disabled as opposed to dead before age 65.
1 in 5 of us will have a disability that lasts at least 5 years.
The S.S. administration says that the average disability costs (in terms of wage loss, social benefits assigned and medical bills) a whopping $186,000. It's one of the most overlooked forms of coverage, especially in small business ownership (such as disability buy-sell and key-partner/person contracts) and the lack of this coverage can KILL a small business. I've witnessed sole prop's and partnerships fail because an owner became severely disabled without any coverage, and for the lack of that person in the business due to the disability- business income plummeted and so did the business. Truly sad...
Just my two cents...
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InsTeacher
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| Posted: Thu Feb 19, 2009 8:13 am Post subject: |
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Gary, I must thank you for clarifying and making things easier for everyone to understand..now I see how we non-professionals have common misconceptions. It is also important for us to remember that there are so many jobs which won't be termed as 'high risks' an still could be disability-prone.
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anonymous00
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| Posted: Thu Feb 19, 2009 9:59 am Post subject: |
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Great post InsTeacher!!!
| Quote: | | You're 7 times more likely to become disabled as opposed to dead before age 65. 1 in 5 of us will have a disability that lasts at least 5 years. The S.S. administration says that the average disability costs (in terms of wage loss, social benefits assigned and medical bills) a whopping $186,000. |
I'm glad you posted the statistics. They should be an eye opener for most people. You can make a fortune selling Disability Income Insurance if you can just get the case through underwritting. Also these policies really aren't that expensive if reasonably structured by limiting the benefit period to five years. Five years is more than enough time to make financial adjustments and to qualify for Social Security and Medicare if severely disabled where you cannot perform any occupation.
Illinois Mutual has excellent blue collar Disability Income Insurance.
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GarySpicuzza
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| Posted: Thu Feb 19, 2009 11:03 am Post subject: |
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Well, I have heard that in the same age group women are at greater risk of becoming disabled than men, is that right?
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carda-mom
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| Posted: Thu Feb 19, 2009 6:43 pm Post subject: |
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| Quote: | women are at greater risk of becoming disabled than men, is that right?
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i do have the same question how these actuaries find it out who is more
prone to disease who is not? but with women it will be somewhat related to
the pregnancy ( correct me if i am wrong) so .... i am waiting 4
answer |
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amit
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