Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Own Occupation Disability Insurance and other Disability Insurance topics.
All insurance policies of any type include a large volume of standard (boiler plate) and specific language that outlines the type and extent of coverage, what conditions must occur to qualify for said coverage, any exclusions, and all other relevant provisions of the protection provided by that policy.
Additional coverage can sometimes be added to an existing insurance policy through the use of a rider, which is “attached” to a currently in force policy. In return for this additional protection, a premium for this extra insurance is payable.
Under some conditions, if you have group or individual disability insurance coverage with basic “any occupation” language and you want to further protect yourself, you may be able to add an own occupation rider to your policy. If allowed by your insurance carrier, this method of getting own occupation coverage, without reissuing one or more policies, may be a wonderful, more cost effective way to get the income protection you need.
By increasing your coverage using an own occupation rider, you solve one or more important issues at reasonable cost for maximum coverage. Remember this solution to added coverage may or may not be possible with your current or future coverage. But, if available, it is worth considering.
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.
|Jennifer Mathes, Ph.D.|