What is physician’s disability (own-occupation) insurance?
Physician disability insurance (commonly referred to as own occupation) is a type of insurance that protects a physician’s income in the event of an injury or illness that causes them to become un able to work.
You may be familiar with the term, own-occupation disability insurance – the question is if you know what it entails. There are different types of occupational insurance’s offered by insurance companies. WealthCare is here to ensure you have access to the highest rated insurance companies.
With own-occupation disability insurance, professionals are fully protected when they become disabled during their working years. Simply, this means that physicians and insurance companies will sign a binding contract that states that the physician will be paid a monthly task-free benefit in case they become disabled.
How does own-occupation disability insurance work?
This insurance policy covers people who become disabled and unable to perform material and substantial occupational duties they have been trained to perform.
What does it mean to be “disabled” in this context?
Even though the definition of disability may vary based on the region in question, it means the inability to perform tasks you are qualified for.
Own-occupation disability insurance is the most lenient type of policy, and also the one that best protects your income incase of a disability.
Dr. Clark is a surgeon who went on a trip and got involved in an accident that claimed his right eye. This disability made it impossible for him to perform operations.
Taking this into consideration, as a surgeon whose job is to perform operations and became disabled due to partial vision loss. If Dr. Clark has an own-occupation disability insurance policy in place, whether he desires to work in a different field or not, he will be covered. Even though he can still function in other medical specialties or decide to start in an entirely different field, he will be paid his disability payments.
What is the most important feature of disability insurance?
It’s unarguably true that own-occupation insurance is one of the most revered insurance policies for medical professionals in the marketplace. The benefits of this policy are incredible; whether you are gainfully employed or not, once you go on claim and have insurance in place, you will be covered with the monthly disability payments.
It is simple for you as a physician; whether you decide to work in an entirely different business, you will receive the appropriate payment if you have an own-occupation disability policy in place. With a tax-free payment, you will get the full value of the benefit that comes with the policy if disabled.
There are 3 different variations of Own-occupation disability insurance
- True own-occupation disability insurances
- Modified own-occupation disability insurances
- Transitional own-occupation disability insurances
True, modified, & transitional disability insurance
These variations depend on your choice of insurance coverage, and WealthCare will ensure you select the best for you based on your specialty. Here is a simple explanation of each:
True own-occupation disability insurance
This type of disability insurance specifies the full payment of monthly benefits, whether you are gainfully employed in a different line of work or not. (Always Recommended)
Modified own-occupation disability insurance
This version also pays benefits if you are unable to perform the duties of your current occupation. However, if you earn income from another occupation or source it can eliminate policy benefits.
Transitional own-occupation disability insurance
This coverage has an adjusted benefit. This type of policy considers your earnings from the job you take while disabled. While you’re eligible to continue receiving benefits if you take a new job, under transitional own-occupation coverage, your benefits may be reduced by your salary from your new job
How do I buy own-occupation disability insurance?
Protecting the most valuable asset you possess is a good step to take. WealthCare walks with you through the whole process from finding the most suitable insurance company and aiding the ease of ensuring financial security in any case of disability. Let us help you today, speak with an agent today.
Top Disability Providers
We work with the top disability insurance providers in the nation. We have a detailed understandings of their polices which allow us to guide you to a policy that works for you and your business.