Gainful Employment

Gainful Employment In general, a "gainful" occupation is one that is able to provide you with at least 60% of your pre-disability wages. What this means is that, before an insurance company denies a disability claim (or terminates disability benefits) under an "any occupation" plan, the insurer must demonstrate that the insured, considering his educational and vocational history, can reasonably perform some job that would pay him 60% of his prior earnings. To determine whether an insured person is gainfully employed, the insurance company will consider a number of factors, including: -The amount of income that the insured person is earning -The type of work that the insured person is doing -The hours that the insured person is working -The skills and experience that the insured person is using This means the claimant could reasonably be expected to earn at least as much as the benefit amount (or some other defined percentage). The gainful occupation definition only applies in the any occupation period, typically after the employee has received disability benefits for 24 months. This is when the definition of disability transitions from regular occupation to gainful occupation. For example Tracy is disabled from her regular occupation and receives benefits for 24 months, she is not working at the change in definition from regular occupation to any gainful occupation. However, she is capable of performing one or more occupations that would provide her with an income that exceeds 60% of her indexed monthly earnings or would do so within 12 months of her return to work. In this example, benefits would terminate at the change in definition. It is important to note that the definition of gainful employment may vary depending on the insurance company and the type of policy. It is important to carefully review your insurance policy to understand the definition of gainful employment that applies to you. #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful