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The years you've spent becoming a successful medical, legal, or other professional are bearing the fruit you hoped it would. Practicing your specialty while earning high level compensation has become your most important asset and should be adequately protected. Good disability insurance coverage is a critical component of the continued success of your career. An important feature of that coverage is often the inclusion of own occupation disability insurance language.
A basic group or individual disability income insurance policy is certainly better than no protection at all. However, most basic coverage includes what is normally called “any occupation” language. This language states that after you've recovered sufficiently from a covered disability to perform the duties of any gainful occupation, you may no longer be eligible for benefits. While not necessarily a major problem with many common occupations, this language could become an unpleasant situation for a professional.
Not just your general occupation, but your specialty is the engine that drives your income stream. Suffering a disability and then recovering to a level that allows you to perform the duties of another occupation provides little comfort, and, more importantly – little income. To earn your former level of income, you need to have the ability to perform your specialty.
Own occupation disability insurance coverage provides you the security of knowing that, should you suffer a covered disability, you will receive your policy's stated monthly income benefits UNTIL you are able to resume the duties of your specialty. A partial recovery that allows you to perform the duties of some other occupation will not disqualify you from receiving further benefits. As you can see, as a medical or other professional, it is important for you to consider making an own occupation definition of disability a part of your income protection package.
The above-listed tip is for informational use only. Refer to your insurance policy contract for specific information regarding your coverage and for actual terms, conditions and exclusions. The above statements are general in nature and may or may not reflect the actual terms of your insurance policy.