How do people deal with the anxiety of knowing that LTD can be cancelled at any time?
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Make a plan and prepare for the worst. If your LTD is cut off look at options.
-legal help
-food banks
welfare or other provincial disability funds or support programs
-family
- start by reducing your spending as much as possible now
-sell possessions, cash in investments
Make a plan for the worst case scenario and then try and improve from the bottom up.
Jammer-sounds like you have a very objective supported diagnosis.
They like to fight the subjective/invisible illness.
I am not sure what your health issues are but I doubt they will spend money fighting you if you are incurable and have a condition that will only get worse.
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There are also support groups and counselling that can help with coping and adjusting for those who have chronic conditions and for caregivers too. Illness is a loss, people go through so much with how much life changes to how you used to live.
If you have a chronic condition then government funded programs are the best option.
LTD is not a “retirement plan”. It is just a contract/agreement between two parties and a subject to change at any time depending on the terms.
If you are financially restraint it will be easier for the insurance providers to manipulate you. Manage your money wisely and don’t get into unnecessary debt.
Most importantly concentrate on your health. Try to get back into normal life and employment if your condition permits.
If you are too worried consult a lawyer.
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You’re probably right (about them not spending money trying to cut me off) but I will still worry about being cut off.
I am much younger than normal retirement.
That is a risk factor for Insurance Company shenanigans Getting CPP-D will be helpful. Sometimes insurers will play hardball to try and force a settlement. But you will be OK because you know what to do if that happens-legal help :-).
One of the biggest mistakes I see is that people don’t plan for the worst case scenario - having LTD denied or cut off. It is very common for LTD insurers to terminate claims for people who have depression or anxiety, even if your doctors are saying you are still unable to work. The younger you are the more likely they will cut off your payments. You can get the LTD payment re-started but it may take a legal action, which can take months. The best thing is to make sure that your are following all treatment and that that you doctor is using best practices. See my article: Top 5 Reasons Why Mental Illness Disability Claims Are Denied
David Brannen
Disability Lawyer with Resolute Legal
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