Own-Occupation vs. Any-Occupation Disability Insurance
If you’re in the market for a physician disability insurance policy, you have probably come across own-occupation and any-occupation plans. There are serious implications for each type of plan, so it’s important to know exactly what they are.
Keep reading to learn more about own-occupation and any-occupation disability insurance plans.
Own-Occupation Physician Disability Insurance
The leading benefit of an own-occupation physician disability insurance plan is that you may still claim benefits if you choose to work somewhere else after becoming disabled.
It’s important to read the fine print of the policy carefully because some policies will determine that your whole professional specialty (for example, medicine) is your occupation. Be sure to discuss this with the insurance company before purchasing a plan so that you fully understand the implications.
Any-Occupation Physician Disability Insurance
If you purchase an any-occupation physician disability insurance plan, you won’t be eligible for disability insurance payments if you have the ability to work another occupation, no matter whether you actually accept another job.
This is the most rigid provision under disability definitions. It may result in lower premiums during the policy’s lifetime, but you could lose out if you become disabled and aren’t able to claim the benefits you’ve been paying for all along.
Hybrid Physician Disability Insurance Policies
Certain insurance companies offer hybrid policies that combine own-occupation and any-occupation coverage. With this type of plan, if you become disabled under the total disability provision, you may be eligible for own-occupation coverage for a specified period of time and then the benefits can change to any-occupation coverage.
Your policy will define the length of time before the plan switches over. Throughout the initial benefit period, you will claim disability insurance benefits even if you earn an income through work other than your regular job (own-occupation). Once the initial benefit period concludes, if you still have the ability to conduct other work, you won’t be eligible for benefits (any-occupation) and your monthly benefit will halt.
Shopping for physician disability insurance can be a complicated and time-consuming process. If you need assistance applying for physician disability insurance benefits or your claim was denied, our team may be able to help.
Call Dabdoub Law Firmtoday at (800) 969-0488 to speak with an attorney about your case.