Own Occupation Disability Insurance Attorneys
Stay Financially Stable After Severe Disability
Own occupation disability insurance is a disability insurance policy meant to provide benefits specific to your exact occupation. This policy is contrasted to “any occupation” insurance, which gives umbrella benefits to the policyholder without examining the demands of their occupation or the income they were earning in much detail. Through own occupation disability insurance, you could stand to receive much better and much more useful benefits because they are designed around your career and unique circumstances. Of course, own occupation disability insurance is only beneficial if the insurance company cooperates.
How Our Attorneys Can Help
At Dabdoub Law Firm, we have an eclectic team of long-term disability lawyers who focus entirely on disability claims of all types, including own occupation disability. As one of the most recognizable names in the industry, our firm is capable of assisting clients nationwide and from any career path and background. If you are injured or ill and you cannot safely perform the duties of your job, then we want to hear from you to see if you can benefit from your own occupation insurance plan.
How Does Own Occupation Disability Work Exactly?
The exact demands of your job are weighed in own occupation disability to determine if you should get disability benefits or not. Essentially, if you cannot perform the duties of your current job title, then you should qualify for own occupation disability benefits. This system typically makes it simpler to get disability benefits when compared to any occupation disability policies, which require you to prove that you cannot work in any field – not just your own – before you can get disability.
For example, you are a dentist who needs dexterous manipulation each day to perform dental surgeries and procedures. An accident severely injures your hands, causing you to suffer from frequent hand tremors. Although you could probably work as a clerk at the front desk answering phones, your own occupation disability insurance policy allows you to claim benefits because you cannot continue to work as a dentist. For this reason, it is highly advised that professionals who work in highly specialized careers buy own occupation disability insurance, either through their employer or an individual plan.
Three Types of Own Occupation Disability Insurance
Own occupation disability insurance can be split into three different types:
- True: Under true own occupation disability insurance, you can receive benefits if you cannot complete the “material and substantial duties of your occupation.” Even if you have another form of employment, you can still qualify for disability benefits if you can’t complete tasks or need to work fewer hours in the occupation covered in the policy.
- Modified: If you cannot perform work in your occupation, but a doctor believes you could perform tasks in another occupation, then modified own occupation disability insurance can be helpful. It allows you to opt out of seeking secondary employment while still receiving benefits because you cannot work in your original occupation.
- Transitional: You can receive limited benefits through transitional own occupation disability insurance if you get a new job after being unable to work in your original occupation due to an injury or illness. Transitional benefits usually provide the difference in pay between the first job and the second, assuming the first job paid more.
What are Short-Term & Long-Term Own Occupation Disability Policies?
Your own occupation disability insurance might provide benefits as:
- Short-term: If you qualify for short-term disability insurance benefits, then you can expect a portion of your income for about 3 to 12 months depending on your disability. If you need benefits for longer than a year, then it will likely require the use of long-term disability (LTD).
- Long-term: For significant or life-long disabilities, long-term own occupational insurance may apply. Policies can give partial wage replacement benefits for 5 or so years. If a disability is permanent, then there is the possibility that LTD benefits will last until retirement.
Dabdoub Law Firm intentionally focuses on long-term disability claims. We can certainly assist with short-term disability insurance cases, too, but our most impressive experiences are related to LTD cases.
Do Income & Taxes Affect Own Occupation Disability?
Most own occupation disability policies will provide about 60% to 80% of the policyholder’s typical wages, regardless of total income. Although, there will likely be a weekly cap to the amount a claimant can receive. Total income can affect the price of a policy, though, with higher income amounts being subjected to higher monthly premiums because the insurance company stands to spend more on you if you ever need to use your policy.
Whether you receive your own occupation disability benefits through a plan you purchased or one that you receive from through your employment can affect whether or not those benefits are taxed. Usually, individually purchased plans are not taxed because they are paid for using your post-tax finances. On the other hand, some employer-provided policies provide taxable benefits because they are arranged through a specialized program that is funded without factoring in taxes.
Help from a Highly Acclaimed Disability Insurance Lawyer
Dabdoub Law Firm was built to be a disability insurance law firm.
Our intentional focus means:
- All of our lawyers are well-versed in disability insurance claims.
- We have experience with every major disability insurance company.
- We have won important long-term disability lawsuits.
Our disability lawyers can help you with:
- Submitting a disability insurance claim.
- Appealing a long-term disability denial.
- Negotiating a lump-sum settlement.
- Filing a lawsuit against your disability insurance company.
Hiring an experienced disability attorney is important. Because federal law applies to most disability insurance claims, our lawyers do not have to be located in your state to assist you.