DISABILITY CLAIMS FOR TRADERS

Traders are often mistaken for stock brokers, and this can be critical when pursuing a disability insurance claim as a trader.  Stock brokers spend long work days often on telephones selling and trading various complex financial products. Successful stock traders rely on a combination of skill, knowledge, and discipline to analyze market trends and make quick decisions based on changing market conditions. Stock traders work long hours and have high stress levels, but the potential for high earnings makes this an attractive career.  Traders are vastly different from stock brokers or financial advisors, effectuating transactions in a highly competitive open cry system.

Private Disability Insurance Claims for a Trader

Traders owning disability policies written in the 1980s and 1990s bought them at a time when disability insurance was freely written, as insurance agents raced to provide coverage to high income earners. Traders performed their work in a Pit, like one seen in the movie “Trading Places.”  Those traders operated in pits, in a cry out system, their voices recognized and using paper. Today, these trades are conducted even faster, through the use of tablets or desktop computers.

Workers who became disabled years ago, before technology changed how trading is done, have seen increasing challenges to their disability claims, with disability insurance companies, including Mass Mutual, UNUM, Guardian, and others, suggesting that the previously disabled worker could now perform his “own occupation” in this technologically adapted world.  

That reworked occupation was NOT the occupation performed at the time of disability, even if similarly named.  The coverage they were sold addressed the duties of the claimant’s occupation “at the time of disability,” a concept insurance companies seek to utilize to its benefit often, but one where we turn it against the disability insurance company, holding them to their promise to pay benefits.  

By focusing on occupational duties when presenting a claim for disability insurance benefits, a claim can become insulated from these aggressive tactics and survive the scrutiny that these high dollar benefit claims will engender.  The occupation of a trader is very demanding and stressful. The fact paced environment is difficult even for the well abled.  It requires long hours, quick reaction time, and in-depth knowledge to succeed, whether of a commodity, stock, industry, or other financial product.  Long hours without breaks are demanded, and often wear out the traders, physically and/or emotionally.

Group Disability Insurance Claims for a Trader

For group LTD (ERISA) policies, some claimants work on trading floors, while others work in offices. If the trader works on the floor (e.g., at the New York Stock Exchange or Chicago Mercantile Exchange), the job is typically classified as “light” and the full array of physical duties are considered.  Where the trader works in an office setting, the job is typically classified as “sedentary” as they are executing orders more manually. This can make a big difference if your disability stems from a physical impairment. 

The floor trader may have an easier time proving disability than the desk trader.  We have helped traders with various disabilities, including hearing deficits and tinnitus, migraine headaches, orthopedic impairments, and mental health claims.  All of the claims share an approach of bridging the occupational requirements to the functional deficits, to support the claim.  

The trader getting ready to file a disability insurance claim must be prepared for an avalanche of paperwork requests, medical record requests and requests for additional information. 

When multiple claims exist with more than one carrier, each insurance company has its own methods for filing a claim.  Each claim, and each policy, will have different requirements, but Newfield Law Group seeks to proactively create a universal submission that can span all claims and coverages for the trader’s claim, working efficiently to navigate the claim process.

We have worked with traders at the initial stages of a claim, where a claim has been denied or terminated and have litigated cases in Federal Court for traders.  Working with our clients and their physicians, we bring the claim before the disability insurance company in a cogent, well presented manner to secure approval.  While all claims are different and unique, the approach taken to succeed for our clients remains tried and true over two decades.

We invite you to call our office at (877) 406-7883 for a free, no-obligation consultation.   We are a national firm, based in New York.  During our conversation, we will be able to give you information about your claim, the insurance company and how to best combat what the disability insurance company is trying to do.  We will share insight into the process and how we might add value to your claim.