Lloyds of London has some of the most high level professionals, athletes, and celebrity clients in the insurance industry and is often most well known as an excess disability insurance carrier. Because of this, Lloyds of London policies are unlike any other type of long term disability policy in the business. At Dell & Schaefer, we’ve gained years of experience in handling Lloyds of London long term disability insurance claims and can help you navigate the ins and outs of this unusual policy. Read on for some tips and tricks to boost your odds of disability claim approval. What should long term disability claimants know before submitting their claim for disability benefits to Lloyds of London?
Lloyds Disability Policies Have Very Specific Policy Terms that are Strictly Enforced
The long term disability policies offered by Lloyds of London tend to have a term of a limited number of years – often just five to ten years. Generally speaking, the longer the term, the higher the premium cost. These policies will define “disability” in their own ways, but most will consider a claimant disabled if they are unable to perform the substantial material duties of their own occupation.
Some Lloyds policies will also require the disability claimant to establish that their disability has at least some level of permanency. In other words, someone who is temporarily unable to perform their job after a hip replacement or heart attack may not be able to receive long term disability benefits under their Lloyds of London disability insurance policy because the disability should be short term in nature. However, not all Lloyds of London policies include the permanency clause, and a careful review of your long term disability policy can reveal how disability is defined.
Lloyd’s of London Will Always Use A Third Party Administrator to Handle the Claim for Benefits
When a claimant submits their long term disability claim to Lloyds of London, this claim is likely to be reviewed (and a decision to award or deny benefits is likely to be made) by a third party administrator hired by Lloyds of London. Lloyds of London tends to hire out its claim review, tasking this third party administrator with the job of obtaining all medical records, doctor statements, and other witness statements, as well as reviewing the investigation of the claims.
Although these third party administrators are hired by Lloyds of London, they aren’t necessarily trained to be disability specialists and may deny benefits based on a misunderstanding or misreading of the long term disability insurance policy. This is one reason it’s so important to seek legal advice before submitting a long term disability claim (or before appealing a denial of long term disability benefits).
The Medical Support Must be Documented with Specificity to Meet the Policy Term
It’s a disability insurance claimant’s burden to prove that they’re entitled to long term disability insurance benefits based on the language in the disability insurance policy. Part of this proof includes medical support and medical records from a wide range of sources. Claimants shouldn’t rely on just one doctor or just one specialist, as this may not provide a full picture of how the condition affects their ability to work.
It’s also important for claimants to carefully review their medical records to ensure that these records are in a form that will be readily accessible and understandable to Lloyds of London. Doctors are trained to communicate in a way that allows them to efficiently treat patients, not in a way that allows their patients to more easily qualify for long term disability insurance, so it can take some communication between a claimant, their attorney, and their doctor to begin to get these medical records into a more helpful format.
If you’d like help in managing your claim for long term disability benefits with Lloyds of London, contact Dell & Schaefer. Give us a call or visit our website today to schedule a FREE consultation with one of our experienced disability insurance attorneys.