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The Only Providers Offering a True Own-Occupation Definition of Disability to Physicians
Disability insurance is financial protection for your present and future earnings in case you become wounded, ill, or disabled and unable to work.
You can negatively affect your financial security without the right disability insurance.
Not only is the right disability insurance important but one should also have an understanding of the definitions of disability.
There are many definitions of disability; the strongest is the true own-occupation definition.
A majority of insurance companies claim to provide “true own-occupation” disability insurance, but big 6 disability insurance companies are the only ones that offer it.
A true own-occupation definition of disability is the simplest to qualify for. Physicians receive benefits despite being unable to perform some, all, or a portion of their present medical specialty.
Other definitions of disability include transitional own occupation, modified own occupation, and any occupation.
With transitional own-occupation, physicians receive benefits if they cannot work in another occupation and begin earning money in a new one.
The catch, however, is that your total income should be equal to the benefits plus your new income and not exceed your original income.
The modified own occupation definition states that a person who is disabled can be eligible for benefits if they cannot perform the duties of their own occupation.
Benefits become discontinued if the person chooses to work and earn a living in another occupation.
Any occupation provides policy benefits if you have a critical illness or are severely disabled and cannot work in any job. You will not collect benefits if you can work even in a low-paying job.
Insurance is expensive, therefore comparing insurance options and their terms and definitions is important before applying for one in order to manage your money properly.
In this article, we are going to look at the big 6 disability insurance companies and the benefits they offer for a true own-occupation insurance policy. The insurance companies include:
- The Standard
- Ohio National
The Big 6 Disability Insurance Providers
The “Big 6” providers can offer you the exact services that you are looking for. These insurance providers are:
1. MassMutual Disability Insurance
MassMutual has been in operation since 1851 and is one of the top insurance companies in the country. They provide an income insurance plan called Radius Choice which is comprehensive and customizable.
The Radius Choice policy has various built-in benefits such as the presumptive total and the recurring disability benefits.
2. Ameritas Disability Insurance
Ameritas, established in 1887, is also one of the top insurers in the country. They provide retirement planning services and insurance products.
The Ameritas plan contains a true own-occupation definition of disability, a selection of optional riders and you can have access to several other built-in benefits.
3. Guardian Life Insurance Company of America
Since 1860, Guardian has been a dependable option for both life and insurance coverage. Guardian provides a true own-occupation definition of disability, just like all the other Big 6 companies.
The company offers:
- Individual disability income insurance.
- Group coverage
- Short-term disability
- Long-term disability
4. Principal Disability Insurance
Principal is a prominent insurance company that has been in operation for almost 140 years. The company provides a true own-occupation definition of disability called the regular occupation rider. With this plan, you will get guaranteed renewable policies up to age 65. The following are its built-in features:
- A recurring disability benefit
- A death benefit
- A waiver of premium benefit
Physicians can customize a Principal insurance policy with optional riders.
5. The Standard Disability Insurance
The Standard, which was founded in 1906 as the Oregon Life Insurance company, is one of the largest insurance companies in the United States.
They have a history of being dependable and trustworthy providers of life insurance and disability insurance. The standard disability insurance contains a platinum advantage that provides a true own occupation disability definition and elimination durations ranging from 30 to 365 days.
6. Ohio National
This company has been in operation since 1909 and provides long-term and short-term disability insurance products. They contain their disability insurance services in a feature called ContinuON Income Solutions II, which is a great plan and alternative for physicians.
Ohio National plans come with useful built-in features such as the presumptive total disability benefit. It also provides essential optional riders like all the other “Big” providers.
The following are its optional riders:
- The catastrophic disability rider
- The COLA rider
- The residual disability rider
As a high-income earner, you’ll get the best insurance coverage with a disability insurance policy that provides a true own-occupation definition of disability.
The services offered by the different top-quality insurance companies discussed in this article vary a lot.
Therefore, it is important to compare the different terms and policies offered by each company to find the best insurance coverage that will meet your requirements.
I am a CFP® (Certified Financial Planner).
I have a severe phobia of bridges and dirty balance sheets.
Hobbies: blogging, meditation, and loving Bull Market (my dog).