Mountain View Insurance – Own Occupation Disability Insurance
When considering purchasing disability insurance, specialists opt for the own occupation disability insurance. This type of special disability policy is reserved for specialists such as doctors who have a very defined role in their profession. Every insurance company has a different list of which professionals can purchase “own-occ” disability coverage. They also have different definitions of what own occupation disability coverage encompasses. For instance there are companies that have “true own-occupation”, “transitional own-occupation”, “modified own-occupied”, and more. Work with a professional to help you navigate the differences to properly insure your income.
Own Occupation Disability Insurance – The Difference is Huge
The purpose of own occupation disability insurance is for specialists to insure their income during their working years.
Example #1
Let’s assume a specialist purchases a true own occupation disability policy. If that person, due to a covered disability, cannot perform the material and substantial duties of their occupation, the policy will then activate and provide an income stream.
Example #2
Now let’s assume a specialist purchases a regular disability policy without the own occupation provision. If that person cannot perform their primary occupational responsibility but can still work elsewhere, the policy will not activate and no money will pay towards the disability.
These two examples illustration the difference between regular disability insurance and own occupation disability insurance. If you are considering purchasing a disability policy and fall within the insurance companies definition of a “specialist” then please consider getting a own occupation disability policy.
If you would to discuss your disability insurance options with a professional give us a call at (410) 262-3176 or fill out the form below.