LTD insurance: Own occupation versus any occupation claims

Long-term disability claims in Colorado can be challenging. Maneuvering the disability claims process requires an essential understanding of a number of factors. One important issue is knowing the distinction between own occupation disability insurance versus any occupation disability insurance.

Own occupation disability insurance

Own occupation long-term disability insurance, or LTD insurance claims, provide coverage or protection if you are unable to work in your specific profession. You are provided disability insurance coverage if you are unable to undertake the job you had before you became disabled.

Own occupation long-term disability insurance comes in three different forms. In addition to true own occupation disability insurance described above, there is modified own occupation disability insurance. Pursuant to this type of insurance, you may be unable to perform your current job but can do another type of job in your industry. You might be able to obtain disability compensation if you are unable to undertake your existing job and also decline doing another job in the industry.

Transitional own occupation insurance

A transitional own occupation insurance policy limits your benefits to the difference between your rate of pay at a pre-disability job and what you earn at a different job as a result of your disability. In other words, this type of disability insurance covers a pay gap that resulted in the onset of a disability.

Any occupation disability insurance

Any occupation disability insurance is markedly different from own occupation disability insurance. Any occupation disability insurance provides coverage only if you are unable to work at any job at all.

If you are facing the prospect of pursuing a long-term disability or LTD insurance claim, you may want to consider seeking legal representation. A lawyer may assist you in seeking optimal insurance compensation as a result of your disability. A Colorado disability lawyer might also assist you in ascertaining what is available to you in the way of disability insurance coverage.