EXTREMELY IMPORTANT DEFINITIONS!!
Physicians need to be cautious and MAKE SURE you have “Own Occupation” definition in your Disability policy! Please be aware of the difference when choosing a company with “Medical Occupation” definition! Here is the reason why this is so important:
Definition of Own Occupation – Total disability means that due solely to impairment caused by injury or sickness, you cannot perform the material and substantial duties of your regular occupation and you are receiving appropriate care from a physician. As a medical or dental specialist, we will consider the material and substantial duties you are performing, including those of a professionally recognized specialty (or specialties if more than one) in medicine or dentistry immediately prior to the time you become disabled to be the material and substantial duties of your regular occupation.
If you meet the definition of totally disabled and you become employed in a new occupation, your total disability benefit will not be affected by any income from the new occupation, regardless of the amount.
Definition of Medical Occupation-You will receive your full disability benefit if you earn 20% or less of your pre-disability income. You will receive a proportionate benefit if you earn more than 20% of your pre-disability income.
(E.g. If you make $500,000 a year, you can earn up to $100,000 a year and also collect your full disability benefit. When you earn more you would receive a proportionate benefit.)