Own Occupation (own occ)

The best definition of disability is "own occupation" (own occ). This will also produce the most expensive disability contract. Disability Insurance premiums have risen over the last few years, in part because people with marginal claims have been taking advantage of the "own occ" definitions of disability. There are thousands of people who are collecting on disability claims because they cannot perform some specific activity in their occupation, yet they are working in another occupation and collecting both a salary and disability benefits!

To make your disability insurance affordable, you might consider disability plans that have a very good definition of disability for 2-3 years and then offer a less generous (but still reasonable) definition of disability. In this way, you can protect yourself and your family at a price you can afford.

Benefit Period
Lifetime
Income Replacement
Integration
Step Rated Policies
Accidental Benefits

This document was last modified on July 26, 1999

Copyright ©1999, The Jacobs Company, All Rights Reserved