In our most recent video, we discuss ‘Transitional Occupation’, a perplexing contract definition, though it is rare.
We see Transitional Occupation often with Principal disability insurance in the state of California as they have a different definition of disability for some specialties. If you are outside of primary care, typically your insurance would be coded with a higher premium due to risk that specialty presents. That codes requires this type of definition if you purchase Principal for your disability coverage.
If you retain this policy while under a higher income and then become disabled, this may not be as impactful vs. on a lower income at time of disability. This topic can be a little confusing so let us know if we can help!
What You Will Learn:
• What a Transitional Occupation definition of disability means
• How Transitional Occupation differs from True Own-Occupation coverage
• When disability benefits begin under a Transitional Occupation policy
• How post-disability earnings may affect monthly disability benefits
• A real-world example of how benefit reductions are calculated
• Why contract definitions are one of the most important parts of a disability insurance policy
• How understanding policy language can help physicians make more informed coverage decisions
• Free physician disability insurance resources available from MD Disability Quotes
Chapters:
0:00 What Is a Transitional Occupation Definition?
0:31 How Post-Disability Earnings Affect Benefits
0:52 Real-World Physician Income Example
1:35 Free Physician Disability Insurance Resources