As an individual in a high-profile profession, protection of your wealth and your assets is of the highest importance. It is our job to protect your wealth and to make sure your insurance coverage will protect you. In the event a disability strikes, a policy of this nature is dependent upon the policyholder being employed at the time that the disability occurs.
This type of policy offers financial protection and coverage to individuals who can no longer perform the majority of the occupational duties they were trained to perform due to a disability. True own occupation disability insurance is a potential key factor in protecting your livelihood. At some point during the average working adults career, about 25% of individuals will suffer an illness or accident which lasts 90 days or more.
When a policy doesn’t offer true own-occupation protection, the policy holder doesn’t have the level of security needed to reduce financial stress. The insurance company may deem an individual with a high level of skills or training to be able to work in a different occupation, this is dependent upon the severity of impairment of the individual insured. If an individual becomes disabled and can no longer work in their profession and decides to work in another professional or role, their benefits may be reduced if they have a policy that does not offer true own occupation coverage. We will help ensure that your disability policy will benefit you, the fine print is where the terms and conditions specifically state the circumstances that a disabled policyholder will be paid out.
We are here to go over the fine print of your contract with you and make sure every aspect is thoroughly understood. There are a few different forms of own occupation disability insurance and the policy holder needs to be careful. They could end up with a policy that would only offer coverage if one were to become sick or hurt in catastrophic situations but could not work in Any capacity. We are more than happy to discuss your options in a consultation.