Digging Into... Disability Insurance

"When doctors reach out to us to ask about disability insurance, one of the commonly asked questions is “What is own occupation coverage?” and quite frankly it’s the number one, the most important, thing that you should know about your disability insurance.

If you are a doctor and you are looking to protect your specific specialty the duties you do on a daily or weekly basis, you have to have own occupation coverage.

Essentially in the contract, it says, if you get disabled and you can’t perform your specific duties, but you can do some other job, they will continue paying you the full benefit.

If you don't have that kind of coverage if you can do any kind of job, working at a library, teaching, or anything else, you are going to find yourself having your benefit decreased, so they may even stop paying you all together.

There are some companies that claim to have own occupation coverage that doesn’t, and the big sticking point is if you can do something else!

One thing that you might have heard of before is the Big Five companies, the five companies that have own occupation. Those companies are Ameritas, Standard, Guardian, Principal, and Mass Mutual.

If you are interested in getting more information or have any questions about anything you have heard, reach out to us, we are always here to help!

If you have any other questions that you would like us to do a video on, comment below and we will answer that as soon as possible!"