CJ Fox: Presumptive total disability is one of those key clauses in a disability policy that you really need to read closely. Verbiage absolutely matters in those situations. Especially when you become disabled.
You’re going to want to know that you’re covered. That your income is covered. Right? You pay these premiums, you expect to receive the benefits of that should something happen to you.
In the event that you lose sight in both eyes, hearing or maybe you lose a hand and a foot … Two or more body parts essentially, you go on claim immediately. There’s no elimination period.
This is where it gets tricky. The definitions, again, absolutely matter. Some companies say that if you can recover from that disability, they will not cover you. There are other companies that say, “We don’t care if you can recover from it or not. If you are disabled and you can’t work, we’re going to cover you during that time.” Then you can go back to paying premiums as usual.
For instance, why this matters, if I’m a dentist and I’m going down the road and I have a car accident. My air bags deploy and break both of my wrists. Well, I can recover from that, right? But, I’m going to be out of work for a little while. At least eight weeks while I heal up. I’m going to hire another dentist to come in and handle my patients. I’m still going to have overhead. I‘m still going to have normal day to day life.
Again, some companies will say, “You know what? You can recover from that. We’re not going to pay you anything.” So, finding the company that says, “In an event that you cannot work, we’ve got your back.”