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You should always know the definition of disability language in an insurance policy that covers you. This language can be even more important if you are a medical or other professional. The basic definition of own occupation relates to the specific duties and responsibilities of your specialty.
In the context of disability insurance coverage, having an own occupation rider means you are normally considered to be disabled and eligible for continued benefits until you are able to resume the duties of your particular specialty, whether it is surgery, radiology, dentistry, ophthalmology, criminal law, or any other highly skilled profession.
Most group and government disability insurance coverage contains what are often called “any occupation” definitions of disability. If you are a skilled professional, this language might cost you a great deal of income in the future. As a professional, should you be covered with this language, you may become ineligible for continued monthly income benefits once you have recovered enough to perform the duties of any gainful occupation.
The choices of having no further benefits or taking a menial job until you fully recover to return to your professional duties are both normally unacceptable to most people. Therefore if you are in a highly specialized and compensated profession, consider adding own occupation disability coverage to your insurance 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.