question about disability insurance

[Rbrav]

Hi all. I'm starting to wade through the unfriendly waters of purchasing insurance. I've read the past threads here about disability insurance, but I was wondering specifically what people thought of "regular occupation" vs. "own-occupation" insurance for pathology. If I were a surgeon, own-occ would be a no-brainer, considering the consequences of, say, losing a hand. As a surgical pathologist, though, I imagine I'd have to get pretty damaged to not be able to do my job, and as a result I'd probably not be able to do other jobs, either. Of course, I'm also wary of being at the mercy of an insurance company's interpretation of these definitions. What do you guys think? I am happy to have holes poked in my logic.

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[deleted314957]

Hi all. I'm starting to wade through the unfriendly waters of purchasing insurance. I've read the past threads here about disability insurance, but I was wondering specifically what people thought of "regular occupation" vs. "own-occupation" insurance for pathology. If I were a surgeon, own-occ would be a no-brainer, considering the consequences of, say, losing a hand. As a surgical pathologist, though, I imagine I'd have to get pretty damaged to not be able to do my job, and as a result I'd probably not be able to do other jobs, either. Of course, I'm also wary of being as the mercy of an insurance company's interpretation of these definitions. What do you guys think? I am happy to have holes poked in my logic.

"Own occupation" and make damned sure that definition is crystal clear. Say you have a minor CVA that leaves you with a head tremor. With own occupation it will be covered ( happened to a buddy of mine and they paid for more than 20 years). Without it, if you can give school physicals you are screwed

 

[gbwillner]

I agree with Mike, but there is some debate on this topic. Your logic is sound, but the question is how much risk are you comfortable with?

 

[mlw03]

"Own occupation" and make damned sure that definition is crystal clear. Say you have a minor CVA that leaves you with a head tremor. With own occupation it will be covered ( happened to a buddy of mine and they paid for more than 20 years). Without it, if you can give school physicals you are screwed

I agree with mike too here. It'll cost more, but unless you want to retrain to be another type of doctor, it's necessary (in my opinion). I'm a forensic guy, so this was all the more applicable due to the more physical nature of the job.

 

[pathstudent]

Disability insurance is for quitters, especially in pathology.

I could be a bloody quadriplegic and I bet I could still do 95% of my job.

 

[coroner]

And what would you do if you go blind from a CVA or MVA? Besides if you're employer is paying for it, why not sign up?

 

[LBKCLU]

The truth is that the cost difference between a true "Own-Occupation" definition of Total Disability and a Modified "Own-Occupation" definition of Total Disability is minimal (usually about 10%).

Under true "Own-Occupation" if you are disabled and cannot perform your duties as a Pathologist (or Surgical Pathologist), you would collect full benefits under your policy and could work in another occupation or medical specialty without having your monthly benefit reduced or eliminated.

Under Modified "Own-Occupation" if you are disabled and cannot perform your duties as a Pathologist (or Surgical Pathologist), and decided to work in another occupation or medical specialty, your benefits would be proportionately reduced or eliminated (depending upon your current income compared to your pre-disability income).

Even if you have a Modified "Own-Occupation" policy, you would never be forced to work in another occupation or medical specialty even if you could based upon your education, training or experience level.

I would suggest that you speak with an insurance agent and/or request illustrations of coverage that you can review. Ideally, some or all of them, will have discounts attached. You can then make a decision and purchase a policy that will meet your individual needs, goals and budget.

If you have not seen these posts on www.whitecoatinvestor.com already, you should find them very informative:

http://whitecoatinvestor.com/comparing-disability-insurance-policies-part-1-of-2/
http://whitecoatinvestor.com/comparing-disability-insurance-policies-part-2-of-2/

http://whitecoatinvestor.com/updates-in-the-disability-insurance-marketplace/
http://whitecoatinvestor.com/updates-in-the-disability-insurance-marketplace-part-2/
http://whitecoatinvestor.com/updates-in-the-disability-insurance-marketplace-part-3/
http://whitecoatinvestor.com/updates-in-the-disability-insurance-marketplace-part-4/
http://whitecoatinvestor.com/updates-in-the-disability-insurance-marketplace-part-5/
http://whitecoatinvestor.com/updates-in-the-disability-insurance-marketplace-part-6-guest-post/
http://whitecoatinvestor.com/updates-in-the-disability-insurance-marketplace-part-7/
http://whitecoatinvestor.com/updates-in-the-disability-insurance-marketplace-part-8/