Florida Long-Term Disability Benefits Protect High-Earning Executive Income

Corporate executives earn significant amounts through salaries, bonuses, and stock-sharing benefits. Maintaining your high income is vital in providing for your family, preserving your lifestyle, and fulfilling financial obligations.

Long-term disability (LTD) insurance, typically included in your executive compensation package, provides a critical safety net. It protects your income if an accident or illness prevents you from working for a year or longer. Our Jacksonville long-term disability lawyer explains common challenges executives face in getting these benefits and how to protect your rights in a claim.

Common Challenges Executives Face in Filing Florida Long-Term Disability Claims

Long-term disability (LTD) insurance replaces up to 70 percent of your income if you cannot work for a year or longer due to an injury, illness, or chronic health condition. For corporate executives, who are among the highest earners, these policies protect against financial losses that could prove devastating.

Unfortunately, the higher your income, the more likely you are to face scrutiny from insurers. Common challenges executives are likely to face in filing a claim include:

• Disputing whether your condition is covered or falls under policy exclusions;
• Disputing whether your condition prevents you from performing your current duties but not other types of jobs;
• Caps on coverage, leading to lower payouts than expected;
• Demands for excessive documentation of income or your condition, which could delay getting your benefits;
• Invasive surveillance from insurers to gather evidence to discredit your claim.

Protecting Your Executive Income When Long-Term Disabilities Happen

The Florida Department of Health warns that one out of every three residents of the Sunshine State has a disability. Long-term disabilities prevent you from working for a year or longer and can happen due to chronic health conditions, sudden and severe illnesses, car crashes, recreational mishaps, or other types of accidents.

Unfortunately, as high-earners, executives typically face increased scrutiny when filing for long-term disability benefits in Florida. Follow these tips to protect your income and your rights in a claim:

• Get copies of your LTD policy: Under the Employee Retirement Income Security Act, your employer must provide copies of all LTD policy documents at your request.
• Review the terms: Familiarize yourself with common terms and definitions in your LTD policy and pay close attention to exemptions.
• Document everything: Get copies of all medical records relating to your condition, and document lost earnings and any communications from your employer or the insurer.
• Keep a low profile: Avoid posting on social media and refrain from taking trips or engaging in other activities that insurers can use to dispute your claim.

Schedule A Consultation Today With Our Experienced Florida Long-Term Disability Lawyer

Long-term disability benefits in Florida protect executives against financial losses when injuries or illnesses prevent them from working. Unfortunately, insurers look for ways to deny or downplay these claims.

The Farrell Law Firm provides the fierce legal representation executives need to get the maximum LTD benefits they are entitled to. To protect your rights, reach out to our Orlando or Jacksonville office. Schedule a consultation today with our experienced Florida long-term disability lawyer.

Sources:

disabilitycanhappen.org/

floridahealth.gov/programs-and-services/people-with-disabilities

dol.gov/general/topic/retirement/erisa