Have you noticed? Yes, it’s an election year! DIS is joining the contentious climate with a completely new set of conundrums … The DI Debates. Tune-in!

What the candidates said:

  • QuoteBot stated that a policy with an “any-occ” (any occupation) definition would protect the doctor’s lifestyle.
  • DIS disagreed with his opponent’s statement, stating that an “any-occ” policy definition may not protect the physician’s lifestyle and that an own-occ (own occupation disability insurance policy) would be more suitable.

Who got own-occ right?

The occupation definition in a disability income policy is an important variable, although the significance may not be fully realized until the insured returns to work. When the carrier determines the insured can return to gainful employment, disability benefits will end if the policy defines occupation as any-occ. On the other hand, if occupation is defined as own-occ, benefits will continue until the insured can return to work at the same occupation held before the disability. If the insured is never able to return to the same level of employment, most policies will continue to pay a partial benefit, closing the income gap.

own-occupation-disability-insuranceMr. QuoteBot’s conclusions show a disregard for the specialized nature of the work undertaken by physicians and other professionals. A surgeon, for instance, may lose the manual dexterity required to perform versus surgery. The insured may be able to continue practicing medicine but in a capacity that earns less income than a surgeon, a family practice physician for example.

An own-occupation disability insurance definition may come with a higher premium. Therefore, some advisors favor an any-occ definition because the policy may be less expensive, making it easier to close the sale. For many clients, an any-occ occupation definition is the appropriate choice. Only those with highly specialized occupations are good candidates for own-occupation disability insurance coverage.

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