What’s an Own-Occ Policy, and Do I Want One?
Posted by InsuranceRP on 08/20/08 in Health
The point of disability insurance is to protect your income in the event that you are unable to work. Hopefully, the coverage your disability insurance policy offers will allow you to pay your bills and cover day-to-day expenses until you are well again. However, the majority of disability coverage options out there cover you only in the event that you are unable to do any sort of work.
An example is: a worker who spends the majority of their time on their feet – such as a nurse – has an accident and is unable to remain on her feet for more than ten minutes at a time. She can’t continue working as a nurse, but not all disability insurance companies would pay out on her claim, because she could do an administrative job that was desk-based.
In these circumstances, the best protection comes from a type of policy known as own occupation disability insurance. Own-occ policies, as they’re commonly known, are designed to protect you in the event that you’re unable to do your exact job – so the nurse in our example would be entitled to compensation regardless of whether she could get job doing something else. Both doctor and dentist disability insurance providers offer own-occ policies.
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