 Disability is defined as a condition that prevents you from performing the major duties of your occupation. Several top carriers of disability insurance programs summarize their definition of disability as: “Pays benefits if you are unable to perform the material and substantial duties of your own occupation due to sickness or injury…even if you are able to do some other kind of work.”
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Very Own Occupation: Under this definition, an insured will be considered disabled only if he/she is unable to perform the duties of his/her occupation.
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Any Occupation: Under this definition, an insured will be considered disabled only if he/she is unable to work in any occupation for which he/she is qualified by education, training, or experience. This is somewhat similar to the definition that the Social Security Administration uses in determining disability.
Partial/Residual Disability. This further defines a disability when an insured is able to return to work part-time or even full-time (with a loss of earnings). If the employee is working in this limited capacity and is earning less than a certain level of income, he/she will still be eligible for limited benefits under the plan. Not all disability insurance carriers use this terminology to describe a "part-time" work situation, but most provide some type of benefit to encourage return to work.
Elimination Period. This is the period of time between the date the disability commences and the beginning of the benefit payment period. It is the period during which an employee must be disabled before payment of benefits begins. It is sometimes referred to as the Qualifying Period. Call us to discuss with you how disability could benefit you and your family today and how some of our programs don’t have coordination of benefits. This means that you still could get full payment from some insurance companies upon a disability occurring after the waiting period usually 0-180 days even if you have more than one disability income stream in place. top of page
All programs and services are subject to approval and are state specific depending upon the laws of your state and governing insurance department. |
