The Most Recent Recession Did Not Impact the Number of Long Term Disability Insurance Claims Filings

According to the Council for Disability Awareness (CDA), the recession of a few years ago did not increase disability insurance claim filings.  It is important to note that CDA member firms represent over 75% of the commercial disability insurance marketplace, creating a solid base for gauging disability insurance claim trends.  Based on CDA's 2008 survey of member firms, there were 573,500 disabled individuals receiving long term disability insurance payments.  This was only a 1.5% increase over 2007's results.  In addition, 156,000 new disabled individuals were approved for long term disability benefits during 2008, while 147,745 stopped receiving long term disability benefits for one reason or another.  In total, CDA member firms paid out $7.9 billion in long term disability insurance payments during 2008.  Obviously it is difficult to ascertain the exact reasons why the recession did not increase long term disability claims.  Historically, past recessions have proven disability claims increase.  However, it is believed that one reason claims were flat during the most recent economic downturn is that employees are ever more fearful that if they go on disability leave, their jobs will not be around when they are able to return to work.              

The Law Firm of J.P. Gonzalez-Sirgo, P.A. represents individuals that have had their valid long term disability benefits denied, delayed or terminated.

You can reach Miami Long Term Disability Insurance Claims Lawyer J.P. Gonzalez-Sirgo by dialing his direct number at (786) 272-5841, calling the main office at (305) 461-1095, or Toll Free at 1 (866) 71-CLAIM or email J.P. directly at [email protected].

 

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