diff --git a/README.md b/README.md
index fcfca3d..88ef13c 100644
--- a/README.md
+++ b/README.md
@@ -63,10 +63,13 @@ As all functions are `inline` they can be used with suspending functions as well
 
 Also the following helpers exist:
 ```kotlin
+isSuccess // property returning true if this instance represents a successful outcome, `false` otherwise.
+isFailure // property returning true if this instance represents a failed outcome, `false` otherwise.
 successOrNull // property returning the success value if Success or null if Failure
 failureOrNull // property returning the failure value if Failure or null if Success
 onSuccess {} // executes given code block as side effect if Success and returns passed Either value unchanged
 onFailure {} // executes given code block as side effect if Failure and returns passed Either value unchanged
+getOrElse {} // returns the encapsulated value if success or the result of the given code block
 Either.catch {} // executes the given code and returns its encapsulated result if invocation was successful and catching any exception that was thrown as a failure
 ```
 
diff --git a/build.gradle.kts b/build.gradle.kts
index 9c46286..66c4b65 100644
--- a/build.gradle.kts
+++ b/build.gradle.kts
@@ -10,7 +10,7 @@ buildscript {
 
     allprojects {
         group = "net.grandcentrix.either"
-        version = "1.6"
+        version = "1.7"
     }
 }
 
diff --git a/either/src/main/kotlin/net/grandcentrix/either/Either.kt b/either/src/main/kotlin/net/grandcentrix/either/Either.kt
index e8f0e75..56a380d 100644
--- a/either/src/main/kotlin/net/grandcentrix/either/Either.kt
+++ b/either/src/main/kotlin/net/grandcentrix/either/Either.kt
@@ -69,6 +69,16 @@ sealed class Either<out F, out S> {
         if (it is Failure<F>) block(it.failure)
     }
 
+    /**
+     * Returns `true` if this instance represents a successful outcome, `false` otherwise.
+     */
+    val isSuccess: Boolean get() = this is Success
+
+    /**
+     * Returns `true` if this instance represents a failed outcome, `false` otherwise.
+     */
+    val isFailure: Boolean get() = this is Failure
+
     companion object {
 
         /**
@@ -108,3 +118,12 @@ data class Success<out S>(val success: S) : Either<Nothing, S>()
  */
 inline fun <F, S1, S2> Either<F, S1>.flatMap(succeeded: (S1) -> Either<F, S2>): Either<F, S2> =
     fold({ this as Failure }, succeeded)
+
+/**
+ * Returns the encapsulated value if this instance represents [success][Either.isSuccess] or the
+ * result of [onFailure] function for the encapsulated [Failure] if it is [failure][Either.isFailure].
+ *
+ * This function is a shorthand for `fold(failed = onFailure, succeeded = { it })` (see [fold]).
+ */
+inline fun <S, F> Either<F, S>.getOrElse(onFailure: (failure: F) -> S): S =
+    fold(failed = onFailure, succeeded = { it })
\ No newline at end of file
diff --git a/either/src/test/kotlin/net/grandcentrix/either/EitherTest.kt b/either/src/test/kotlin/net/grandcentrix/either/EitherTest.kt
index a4af663..1fddf5a 100644
--- a/either/src/test/kotlin/net/grandcentrix/either/EitherTest.kt
+++ b/either/src/test/kotlin/net/grandcentrix/either/EitherTest.kt
@@ -1,7 +1,7 @@
 package net.grandcentrix.either
 
 import org.assertj.core.api.Assertions.assertThat
-import org.junit.jupiter.api.Assertions.assertNull
+import org.junit.jupiter.api.Assertions.*
 import org.junit.jupiter.api.Test
 import org.junit.jupiter.api.fail
 
@@ -184,4 +184,38 @@ class EitherTest {
         val result = Either.catch { throw exception }
         assertThat(result).isEqualTo(Failure(exception))
     }
+
+    @Test
+    fun `when success then isSuccess returns true`() {
+        assertTrue(Success("success result").isSuccess)
+    }
+
+    @Test
+    fun `when failure then isSuccess returns false`() {
+        assertFalse(Failure("failure result").isSuccess)
+    }
+
+    @Test
+    fun `when success then isFailure returns false`() {
+        assertFalse(Success("success result").isFailure)
+    }
+
+    @Test
+    fun `when failure then isFailure returns true`() {
+        assertTrue(Failure("failure result").isFailure)
+    }
+
+    @Test
+    fun `when success then getOrElse returns success value`() {
+        val either: Either<Throwable, String> = Success("success")
+        val result = either.getOrElse { "else" }
+        assertThat(result).isEqualTo("success")
+    }
+
+    @Test
+    fun `when failure then getOrElse returns else block`() {
+        val either: Either<String, String> = Failure("failure result")
+        val result = either.getOrElse { "else" }
+        assertThat(result).isEqualTo("else")
+    }
 }
\ No newline at end of file