Can physicians double dip on benefits when it comes to individual disability insurance? If you have a true own occupation definition of disability, it is possible. What this means is that if you become too sick or injured to work in your medical specialty, the policy will pay you benefits even if you can work in another medical specialty or occupation. For example, if you work in a surgical specialty and can no longer perform surgical procedures, the policy will pay you benefits even if you work in research or retrain in a specialty such as psychiatry. Any income received in another specialty will not reduce your benefits.
Own occupation comes in different names, depending on the company:
Guardian: Own Occupation
MetLife: Your Occupation
Principal: Regular Occupation
Standard: Own Occupation
Ameritas: Own Occupation
MassMutual: Your Occupation
Another company offers a “medical occupation” which covers you in your medical specialty but are not working. Therefore, it would pay you benefits if you couldn’t work in your medical specialty as long as you are not gainfully employed. This can be very restrictive if you work in a practice where you perform surgical procedures as well as see patients.
For more information about disability insurance for physicians, own occupation definitions of disability or to request a quote comparison, contact Set for Life Insurance today!