Unfortunately, most people only consider own occupational disability when they have suffered a serious illness or accident rendering them unable to carry on with their occupation.
Unfortunately, most people only consider own occupational disability when they have suffered a serious illness or accident rendering them unable to carry on with their occupation. The main reason being that people believe disability will not happen to them and the extra cost of coverage also plays a major role in that decision. But if you are a young professional there are lots of options that a person can consider to ensure that your income is protected.
Own Occupation Policy
When considering professional disability insurance ensure that it covers your occupation. The definition of 'own occupancy' is an individual who has become disabled or is unable to perform the duties that they have been trained to perform. This also means that the person needs to have employment to claim this type of disability insurance. There are also policies for highly trained professionals that will cover the person even if they are not working at the time.
To find the professional own speciality disability insurance that suits your needs it is wise to get into contact with the appropriate insurance brokers and agents. Because cost plays a major role in the decision-making process it is important to note that the cheapest might not be the best.
Start disability insurance early
Do not wait until a friend, colleague or yourself has been unfortunate enough to lose income through a serious illness or disabling accident. There are lots of premium options available and the younger a person is the more options you have to choose from.
As a young professional there are policies that can offer escalating premiums on an annual basis. That way it is affordable as you are promoted through your career and annual increments. Itwill give you peace of mind should you have a period where you are not able to work you know your income is protected.
Since there are so many interpretations of own occupation disability insurance the best thing to do is get advice from insurance professionals that specialise in disability insurance. They will be able to guide you to get the best insurance that will give coverage for your specific circumstances.
Whether you are an engineer, physician accountant or sales professional it is important to consider your future and protect your income. Using professional advisers will help you make the right choices because there are some policies that will only pay benefits if you are not able to work at all.
Some policies will only pay 50% of your income where as some will pay as much as 75% of your income. Depending on what your commitments are and how much you can pay it is worthwhile to take the time to get the right policy.
Professional Disability Insurance might not seem necessary at the time but accidents and the body are not predictable. Protecting your income will ensure that you do not lose your way of life and more importantly, you will not lose your valuable assets such as your home.
The Doctor Disability Shop is Own Occupation Insurance provider who helps to protect the unique needs of its customers. It provides Own Occupation Disability Insurance to help professionals in times of injury and disability.