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Disability Insurance

• Disability Insurance

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Steelhead Insurance Services Corp.
405 North Hayden Bay Drive
Portland, OR 97217
Phone: (877) 235-9299
E-mail: Dave@SteelheadInsurance.com

Disability Insurance

Disability Insurance provides supplementary income in the event of an illness or accident resulting in a disability that prevents the insured from working at their regular employment.  Benefits are usually provided on a monthly basis so that the individual can maintain their standard of living and continue to pay their regular expenses.  Most disability insurance policies pay a fixed sum for a fixed period, while others pay a monthly sum for the entire period the insured is disabled from earning suitable income (as determined by his or her qualifications, experience, and training).

For the purposes of determining the exact circumstances under which an insured may be entitled to benefits under a disability income insurance policy.

Total Disability can be defined in two general ways:

• Own Occupation Definition of Disability
  Under this definition, total disability means the inability to work at your regular occupation - that is to perform the material and substantial duties of your occupation.
   
• Any Occupation Definition of Disability
  Under this definition, total disability means the inability to work at any occupation.  This definition is sometimes softened by the addition of the following italicized words, the inability to perform the duties of any occupation by which the individual is suited by training, education or experience.
   
• Modified Own Occupation Definition of Disability
  The insured is totally disabled if unable to perform the material and substantial duties of your occupation and not working in any occupation.
   
• Why True "Own Occupation" as a Definition is best
  The best disability insurance policies contain the true Own Occupation definition because it is much more favorable to the insured.  The Own Occupation definition recognizes that a loss of regular occupation usually results in a drastic drop in income even if other employment can be found. Let's look at an example:
  
  Suppose a heart surgeon earning $500,000 per year suffers an injury to his hands.  The injury keeps him out of the operation room but he takes a job as a medical director for an insurance company where he earns $150,000 each year.
  
  Under an Any Occupation or Modified Own Occupation definition of disability, the surgeon would not be considered totally disabled since he was gainfully employed.  Under the true Own Occupation definition, however, the surgeon would be considered totally disabled and would receive full benefits under his policy.  Those benefits would help to make up his $350,000/year drop in income.

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