Own occupation disability insurance covers you if you can't do your specific job, even if you could work elsewhere. For doctors, this matters because you might earn far less as a consultant than as a surgeon, and a standard policy won't protect that income difference.
Probably the most important aspect of the definition of disability for doctors is that it is specific to your occupation. For instance, if an emergency doctor lost their left thumb, there are a number of procedures in emergency medicine that they would no longer be able to do, but they could probably still work in some other fields of medicine. A specially specific definition of disability within a policy would provide full disability payments in addition to the money they make at an urgent care or another job. Own occupation policies cover people based on the occupational duties they are performing at the time of claim. Sometimes the specially specific clause is inherent to the policy, and at other times it is an additional rider added to the policy, which you pay an additional premium. Either way, you almost surely want to get this in your policy.
The hosts of the White Coat Investor are not licensed accountants, attorneys or financial advisors. This podcast is for your entertainment and information only. It should not be considered professional or personalized financial advice. You should consult the appropriate professional for specific advice relating to your situation.
Physician Takes a Youth Sports Team to the State Championship - MtoM Podcast #236
