Financial professionals build careers on precision, analysis, and sound judgment. When illness or injury strikes, you expect your disability insurance to protect the income you worked years to build. But insurers often see your claim differently.
They label your job as sedentary and disregard travel requirements. They dismiss cognitive impairments and other symptoms such as pain and fatigue that interfere with your ability to engage in complex financial work. They dispute how commissions and bonuses factor into your benefits. The result is a wrongful denial that leaves you without the protection you paid for.
DeBofsky Law understands what insurers ignore. Financial work demands far more than sitting at a desk. We fight for CPAs, advisors, bankers, and investment professionals whose short or long-term disability claims have been denied or terminated. Our attorneys have decades of experience holding disability insurers accountable under ERISA and state law.
Financial Professionals We Represent
We represent financial professionals across all specialties. Each role carries unique demands that insurers frequently misunderstand or deliberately minimize. Some examples of financial professionals whom we have successfully represented include:
| Certified Public Accountants (CPAs) | Financial Advisors and Planners |
|---|---|
| Investment Bankers | Portfolio Managers |
| Actuaries | CFOs and Controllers |
| Tax Attorneys | Hedge Fund Managers |
| Private Equity Professionals | Commercial Lenders |
| Auditors | Wealth Management Advisors |
Regardless of your title, the core issue remains the same: Insurers undervalue the mental demands of your work and overstate your ability to continue working.
Why Insurers Deny Financial Professional Disability Claims
Disability insurers use predictable tactics when evaluating claims from financial professionals. Understanding the insurance companies’ strategies helps you anticipate challenges and build a stronger case. For a comprehensive overview of how insurers evaluate occupations, see our article on Understanding the Crucial Role of Occupational Assessments in Disability Claims.
The Sedentary Job Trap
Insurers classify most financial jobs as sedentary work. According to their logic, if you can sit at a desk, you can work, ignoring what you actually do. This narrow view ignores everything that makes financial work demanding.
Anyone who works in the financial sector knows the importance of being able to maintain sustained concentration for hours at a time. Client management demands sharp communication and quick thinking. Fiduciary decisions carry legal and financial consequences. These cognitive demands far exceed the physical act of sitting in a chair. Many financial professionals also travel extensively, and the stress and strain of travel also needs to be considered by disability insurers, but is often disregarded.
When insurers misclassify your occupation, they set an artificially low bar for what you must prove. Our article on When Insurers Misclassify Your Occupation explains how to challenge this tactic effectively.
Cognitive Impairment Gets Dismissed
Memory problems devastate a financial professional’s ability to work. Concentration difficulties make complex analysis impossible. Processing speed deficits turn routine tasks into exhausting ordeals and can often result in missed opportunities. Yet insurers routinely dismiss such limitations.
Insurance companies send questionnaires designed to capture physical limitations. They ask how far you can walk, how much you can lift, and how long you can stand. Very few questions address cognitive function or non-exertional limitations. When your records lack detailed cognitive information, insurers claim you have not proven disability.
Neuropsychological testing can often provide the objective documentation insurers demand. A qualified neuropsychologist can measure attention, memory, processing speed, and executive function with standardized tests. These results translate directly to occupational limitations. Learn more about cognitive impairment disability claims and the role of neuropsychological evaluation in disability claims.
Variable Income Complications
Commission, bonus, and partnership income often create disputes with disability insurers over pre-disability earnings calculations. Insurers may exclude variable compensation entirely. They may use unfavorable averaging periods that understate your true earnings. Some policies cap benefits at artificially low amounts regardless of your actual income.
How your policy defines “earnings” can often impact your monthly benefit amount. A policy that includes only base salary ignores the compensation structure that makes financial careers lucrative. Understanding these definitions before you file a claim helps you gather the right documentation.
For detailed guidance, see our article on How Insurance Companies Calcutate Disability Benefits.
The 24-Month Definition Change in Group Disability Policies
Most group disability policies shift their definition of disability after 24 months. During the first two years, you qualify for benefits if you cannot perform the material and substantial duties of your own occupation. After that period, you must prove you cannot work in any occupation for which you are suited by education, training, or experience.
This transition poses particular danger for financial professionals. Your advanced education and business skills give insurers ammunition to argue you could work in other roles. They may claim you could teach, consult, or perform administrative work. However, these alternative occupations often ignore the reality of your medical limitations.
Know Your Rights
Are you a financial professional who became disabled? We understand how a disability could impact your career and income. It is critical that you get legal guidance from an experienced attorney as early as possible to navigate either the individual or group insurance disability claim process.
Does This Apply to You?
Contact DeBofsky Law for an attorney consultation. We will work with you to determine how we can help.
Why Choose DeBofsky Law for Your LTD Claims?
- 65+ years combined experience
- Thousands of successful appeals handled
- Nearly 100 published appellate decisions
Common Conditions That Disable Financial Professionals
Many conditions prevent financial professionals from performing their demanding work. Some affect cognitive function directly. Others cause pain, fatigue, or other symptoms that impair concentration and productivity. We have represented clients disabled by:
- Musculoskeletal disorders such as spine, hip, knee, or shoulder impairments
- Cardiac conditions limiting stamina and stress tolerance
- Chronic diseases such as Parkinson’s Disease, Multiple Sclerosis, Rheumatoid or Psoriatic Arthritis, or Lupus
- Cognitive impairment from traumatic brain injury, stroke, or post-concussive syndrome
- Depression and anxiety that destroy focus and motivation
- Cancer and treatment-related side effects
- Fibromyalgia with widespread pain and cognitive fog
- Medication side effects from necessary treatments
- Long COVID
Visit our Disabling Medical Conditions page for detailed information about specific conditions and how we approach these claims.
Understanding Your Disability Policy
Disability policies vary significantly in their terms, definitions, and protections. Knowing what type of coverage you have shapes your entire claim strategy.
Own Occupation vs. Any Occupation
Own occupation policies pay benefits if you cannot perform the material duties of your specific profession. A CPA who cannot practice accounting qualifies as disabled, even if they could theoretically work in an unrelated field.
Any occupation policies require proof that you cannot perform any job suited to your background. This standard is significantly harder to meet, especially for educated professionals.
Many policies combine both definitions. They provide own occupation coverage for a limited period, then shift to any occupation. Understanding exactly when this transition occurs is critical to protecting your benefits.
Group ERISA Plans vs. Individual Policies
Group disability plans provided through employers typically fall under the Employee Retirement Income Security Act (ERISA). This federal law governs how claims are processed and disputed. ERISA cases proceed in federal court under specific procedural rules. Administrative appeals must be exhausted before litigation. The court reviews the insurer’s decision based primarily on the administrative record.
Individual disability policies purchased privately follow different rules. State insurance law applies. Claims may proceed in state court with jury trials. Bad faith remedies may be available. Appeal rights and deadlines differ significantly from ERISA plans.
Understanding which legal framework applies to your policy determines your strategy from day one. Learn more about ERISA litigation and individual disability insurance on our website.
Association Plans, Including AICPA Disability Insurance
Many CPAs obtain disability coverage through the American Institute of Certified Public Accountants (AICPA). Prudential administers this popular group plan. The AICPA policy provides own occupation coverage specifically tied to working as a CPA.
However, this specialized coverage creates unique risks. If you transition from a CPA role to a different finance position, you may lose eligibility. Moving to a CFO position, for example, may take you outside the plan’s occupational definition. The policy insures the duties of a CPA, not general finance work.
Association plans may or may not fall under ERISA depending on their structure. Employer involvement in the plan often determines which legal framework applies. A thorough policy review before filing a claim clarifies your rights and options.
Building a Strong Disability Claim
Document your occupational duties thoroughly. Provide detailed job descriptions that go beyond your title. Explain the cognitive demands, deadlines, client responsibilities, and accuracy requirements of your work, along with travel and work hour requirements. The more specific your occupational documentation, the harder it becomes for insurers to minimize your duties.
Obtain comprehensive medical evidence. Your treating physicians must document not just diagnoses but functional limitations. How does your condition affect concentration? Can you maintain attention for complex tasks? Do you experience fatigue that worsens throughout the day? These details connect your medical condition to your inability to work.
Consider neuropsychological testing for cognitive impairment claims. For claims involving cognitive impairment, objective testing data strengthens your case significantly. Standardized tests measure specific deficits that insurers cannot easily dismiss.
Maintain consistent treatment. Gaps in treatment give insurers grounds to question the severity of your condition. Continue seeing your doctors and following their recommendations throughout the claim process.
For step-by-step guidance, see our article on What Should I Expect When I File a Disability Insurance Claim?
When to Contact a Disability Lawyer
Early legal involvement often produces better outcomes. Contact a disability benefits lawyer if:
- Your claim has been denied or benefits terminated
- You are preparing to file a claim and seek guidance
- The insurer is requesting excessive documentation or examinations
- You are approaching the own occupation to any occupation transition
- The insurer disputes your occupational classification
- You are receiving benefits but feel the insurer is building a case to terminate
Under ERISA, submitting a claim appeal after a denial may be your final opportunity to submit evidence. What you include in your appeal may be all a federal judge reviews. Getting this right the first time is critical and usually requires experienced legal assistance.
Disability Insurance Companies We Hold Accountable
We have successfully challenged wrongful denials from every major disability insurer. Our attorneys understand the specific tactics each company uses and how to counter them effectively.
| Prudential | Unum | MetLife |
| The Hartford | Lincoln Financial | Cigna |
| Aetna | The Standard | Guardian |
| Reliance Standard | Sun Life | Principal |
| Liberty Mutual | Mutual of Omaha | Mass Mutual |
| New York Life | Northwestern Mutual | Sedgwick |
| Berkshire | Ameritas | United of Omaha |
| Aflac | AIG | Lloyd’s of London |
Financial Professional Disability Claim Questions
Can I receive disability benefits if my job is classified as sedentary?
Yes. Sedentary classification does not preclude you from receiving disability benefits. Your claim depends on whether you can perform the material duties of your occupation, not simply on whether you can sit in a chair for eight hours a day. Financial work requires sustained cognitive function, accuracy under pressure, and the ability to make sound decisions. Conditions affecting concentration, memory, or judgment can disable you from sedentary work just as effectively as physical limitations.
How do insurers calculate benefits when my income includes commissions or bonuses?
Are disability benefits taxable?
Will other benefits reduce my disability payout?
What happens to my AICPA disability coverage if I become a CFO?
Protect Your Benefits
Your disability insurance was supposed to protect your income. When insurers deny that protection, DeBofsky Law fights back. We have decades of experience representing financial professionals against the nation’s largest disability insurers.
Our Victories Related to Disability Insurance for Financial Professionals or LTD
We know the tricks insurers and plan administrators use to deny claims. We’re here to fight on your behalf. See How We’ve Won Your Rights.
Disabilities Insurance
Lacko v. United of Omaha Life Ins. Co., 926 F.3d 432 (7th Cir. 2019)
CPA – Court of Appeals overturned lower court and found that insurers must assess the cognitive requirements of the claimant’s occupation.
Long Term Disability Insurance
Stephan v. Unum Life Ins.Co. of America, 697 F.3d 917 (9th Cir. 2012)
Institutional bond salesman. Court of Appeals overturned district judgment in favor of insurer – The court found Unum’s interpretation of the term “earnings” was arbitrary and capricious; the court also applied the fiduciary exception to attorney-client privilege to permit discovery of communications between claim analyst and in-house counsel during course of claim administration.
Disability Insurance & ERISA Ruling
Ruttenberg v. U.S. Life, 413 F.3d 652 (7th Cir. 2005)
Commodity trader– Court of Appeals overturned benefit denial and established doctrine of contra proferentem and “reasonable expectations of the insured” in benefit claims brought under ERISA.
