Philadelphia Disability Insurance Law Firm
Own vs. Any Occupation
One of the major differences between one disability insurance policy and another is whether or not the policy has an “own occupation provision” versus an “any occupation provision”. Policies that provide for their insured to be paid upon the inability to perform their own occupation rather than perform any occupation obviously are better policies. They will pay 100 percent of the inability to perform the occupation for which the claimant is insured if the claimant is no longer able to do that occupation but goes to work doing something else. For instance, a surgeon who can no longer perform surgery will continue to be paid at the full benefit level even if that surgeon is earning some income doing something else.
Any Occupation Disability Insurance Claims
A policy that pays only upon loss of ability to do any occupation, on the other hand, will decrease payments if the disabled person goes back to work at another occupation.
Interestingly enough, many policy owners don’t know they have an “own occupation” policy and the insurance company attempts to step them down to lower payments (partial disability) if they go back to work at some other occupation. Owners who don’t realize the difference may end up accepting a much lower rate of benefit payments.
Don’t let this happen to you.
Contact our experienced disability insurance lawyers in Philadelphia at Edelstein Martin & Nelson for assistance in protecting your rights. Call 215-858-8440. You may also contact us online.