Do You Have the “Own Occupation” Coverage You Think You Have?

Most physicians and dentists know that they should purchase an “own occupation” policy that provides benefits if they are no longer able to practice in their profession. True own occupation policies pay benefits if the insured cannot perform at least one of the material and substantial duties of his or her occupation. Some policies are also specialty-specific and further define “occupation” as the dentist or physician’s specialty. While true own occupation and specialty-specific policies were commonplace in older policies, newer policies are substantially different across the board. Over time, insurance companies have come up with several variations of the “own occupation” provision and these new provisions typically contain additional requirements and limitations that restrict coverage and/or make it much more difficult for professionals to prove they are totally disabled and collect benefits. This is something…

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