- Own Occupation – This is the only type of insurance that will pay you fully if you are deemed unable to continue your profession.
- Modified Own Occupation – You can receive full benefits, but if you can go back to work you will only receive partial of the amount, or a reduction.
- Any Occupation – You will receive benefits, but the insurance company may decide you can still work in any other occupation that relates to your training. An example would be, the requirement to become a teacher.
- Transitional Own Occupation – If the amount of money that you earn after a disability, is higher than your pre-disability earnings, then the insurance company could then reduce your disability benefit.
Do you want to learn more the definitions of disability insurance for physicians and dentists? Contact our Financial Advisors for advice.