A question we’re commonly asked is, “What is the ‘own occupation’ or ‘specialty occupation’ definition of disability? This is an excellent question and it’s at the heart of quality disability coverage.
The true own occupation definition means that you’re considered totally disabled if, due to illness or injury, you’re unable to perform the material and substantial duties of your occupation, regardless of any income you later earn in a different occupation. If you’re a physician or dentist, your occupation can mean a specific, professionally recognized specialty or subspecialty. Because of slick marketing from insurance companies with inferior policies, as well as misinformed benefits staff, there’s a lot of misinformation in the marketplace regarding this definition.
Many physicians and professionals think they have the true own occupation definition but they don’t. Most group and association policies will penalize you for earning other income and/or impose a limit on how long the own occupation period lasts. Most disability policies don’t contain the true own occupation definition. There are only a handful of top-tier companies that provide it. This is an important definition to have.
To be sure you obtain this true own occupation definition, feel free to give us a call or text us at (704) 707-5788.
Billy Gwaltney
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