Disability Insurance Tips for Financial Advisors and Planners

    If you work as a financial advisor and are struggling with an illness, injury, or other disabling condition that is affecting your ability to continue working, you may want to know if you qualify for long term disability insurance benefits. In many cases, the answer is yes – and because long term disability insurance policies have some strict time limits when it comes to claiming benefits, time is often of the essence.

    We provide some tips and strategies that can benefit financial advisors and financial planners who are considering whether to seek long term disability benefits. Should you have any questions or would like a free review of your long term disability claim, please contact us for an immediate free phone consultation with one of our disability insurance lawyers. 

    Disability carriers often ignore the cognitive demands and duties required to be a financial advisor.

    Through our experience of helping hundreds of financial advisors nationwide, we understand the way in which all of the disability insurance companies will evaluate the duties of a financial advisor. Long term disability insurance carriers tend to minimize the duties of the job, placing special focus on the physical demands a financial advisor endures. Most disability companies ignore the tremendous cognitive demands required to be a financial advisor. Job duties such as multi-tasking, attending meetings, researching, earning’s calls, employer meetings, staffing responsibilities, and always being on-call for demanding clients make the job of  financial advisor extremely demanding.

    Financial advisor disability insurance claim

    Because the job tends to be on the sedentary side, the focus on physical capabilities ignores the significant cognitive demands imposed on a financial advisor. Someone who is distracted by chronic pain or the side effects of certain medication won’t be able to maintain the focus and concentration necessary to advise clients on their finances, taxes, or investments. The ability to sit in a chair for 6 out of 8 hours a day should not be the standard as to whether a financial advisor can perform the duties of their job.

    The definition of “disability” will vary from one disability company to another.

    Not only does every disability insurance carrier have a slightly different definition of “disability,” but even within the same carrier, group and individual long term disability policies can be very different. Group disability policies are governed by the federal Employee Retirement Income Security Act (ERISA). Most of these policies will classify a claimant as disabled if they’re unable to perform their “own occupation” – or the position they enjoyed before their disability. After about two years of benefits, the definition of disability switches to “any occupation,” allowing benefits to continue only if the claimant is unable to perform any occupation. This stricter standard can lead to more denials.

    Individual long term disability policies, on the other hand, generally have a more expansive definition of disability that allows more claimants to qualify for benefits. Unfortunately, even these policies tend to shift the definition of disability over time, requiring the financial advisor to keep their medical records up to date to be prepared for this shift. Most financial advisers have individual disability insurance policies and these policies usually have an “own occupation” definition of disability.

    Diagnosis does not equal disability and you need to have strong documentation to win benefits.

    Being diagnosed with a serious or chronic medical condition isn’t the end of the story when it comes to qualifying for long term disability benefits. In addition to providing medical evidence supporting the disability, the claimant also will need to show how this disability affects their ability to work as a financial advisor. Some chronic conditions like multiple sclerosis may not initially impact a claimant’s ability to do their job, but can progress over time and impact the claimant’s ability to concentrate, comprehend, or perform even the limited physical functions of the position.

    Proper medical record documentation is very important for claim approval.

    Many financial advisors who seek disability benefits are dealing with “hidden” disabilities that aren’t apparent to the naked eye. These conditions, ranging from chronic pain to autoimmune disorders, can be tough to document in a way that will capture the insurance carrier’s attention. As a result, financial advisors must have sufficient medical documentation to support their claim for benefits. In some cases, this may require extra testing, including cognitive testing, that can better demonstrate the impact the disability is having on your physical and mental performance.

    We’ve helped hundreds of financial advisors and financial planners recover the disability benefits they’re entitled to, and we can help you too. Get in touch with one of our attorneys today so that we can discuss your long term disability claim.

    Questions About Hiring Us

    Do you work in my state?

    Yes. We are a national disability insurance law firm that is available to represent you regardless of where you live in the United States. We have partner lawyers in every state and we have filed lawsuits in most federal courts nationwide. Our disability lawyers represent disability claimants at all stages of a claim for disability insurance benefits. There is nothing that our lawyers have not seen in the disability insurance world.

    What are your fees?

    Since we represent disability insurance claimants at different stages of a disability insurance claim we offer a variety of different fee options. We understand that claimants living on disability insurance benefits have a limited source of income; therefore we always try to work with the claimant to make our attorney fees as affordable as possible.

    The three available fee options are a contingency fee agreement (no attorney fee or cost unless we make a recovery), hourly fee or fixed flat rate.

    In every case we provide each client with a written fee agreement detailing the terms and conditions. We always offer a free initial phone consultation and we appreciate the opportunity to work with you in obtaining payment of your disability insurance benefits.

    Do I have to come to your office to work with your law firm?

    No. For purposes of efficiency and to reduce expenses for our clients we have found that 99% of our clients prefer to communicate via telephone, e-mail, fax, GoToMeeting.com sessions, or Skype. If you prefer an initial in-person meeting please let us know. A disability company will never require you to come to their office and similarly we are set up so that we handle your entire claim without the need for you to come to our office.

    How can I contact you?

    When you call us during normal business hours you will immediately speak with a disability attorney. We can be reached at 800-682-8331 or by email. Lawyer and staff must return all client calls same day. Client emails are usually replied to within the same business day and seem to be the preferred and most efficient method of communication for most clients.

    Dell & Schaefer Client Reviews   *****

    Michelle (California)

    Jay Symonds,

    I just wanted to send you a formal Thank You for your time and support.

    I hope you received my email that I have been assigned a new case manager. Since I haven’t received a denial letter, I’m assuming I’m back on the yearly audit schedule. If anything changes in the status of my claim, I will contact you to handle my case. Thank you again for the time you gave me. Very Much Appreciated!

    ***** 5 stars based on 202 reviews

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