Advanced Wealth Management and Advisory Services for High-Net-Worth Professionals
We help our clients take advantage of every wealth management and investment opportunity—including finding the best own-occupation disability insurance policies. Team 25’s financial services give our clients peace of mind knowing they are covered in the event of disability and other major life events.
It’s important to explore all your insurance policy options, so you can receive the disability income you need to recover from injuries or to start training for a new occupation.
We review individual policies, group policies, insurance company underwriting, your eligibility for partial disability benefits versus total disability benefits, your specific occupation, and much, much more to ensure that you can access the full benefit amount of whichever type of policy you choose.
An own-occupation disability insurance policy is a type of long-term disability insurance. The own-occupation definition of disability is someone who cannot perform both substantial duties and material duties of his or her job/own occupation. In other words, someone can file an own-occupation disability claim when he or she becomes unable to perform essential job functions.
There are two primary types of own-occupation policies:
Pure or true own-occupation coverage, considered a gold standard for physicians and high-net-worth professionals. It provides full coverage and benefits in the event the person cannot work in his or her regular occupation but could work in another outside his or her medical specialty.
Modified own-occupation coverage, which only provides benefits when someone cannot work in his or her regular occupation and does not work in another job.
Any-occupation insurance is another form of long-term disability coverage. This LTD policy covers someone who is injured while employed and can no longer work a job suitable to the person’s certifications, age, and other factors. If the policyholder can, however, work at any job—including a lower-paying one—he or she will not receive any-occupation disability insurance benefits.
SSDI is another form of long-term disability insurance. It requires a waiting period of at least 5 months from the time of disability before someone can start receiving monthly benefits.
For high-earning professionals like physicians, SSDI works best as a complement to private insurance policies rather than as a replacement for them.
Short-term disability, or STD, policies offer benefits for only a few months at a time; many benefit periods last no longer than 6 months. These policies are ideal for covering temporary disabilities, which can include pregnancy and childbirth.
Disability insurance is important, but it’s critical to be covered financially for other major events too. Other types of insurance policies we can review with you include:
Discover. We spend time getting to know our clients’ needs, hopes, and goals.
Plan. We provide options to meet your goals and recommend the best approach.
Act. We follow through to ensure the full plan is implemented.
Review. Life often brings change, so we regularly review and reassess the plan.
Physicians and other high-net-worth individuals can experience disability like anyone else. Unlike everyone else, however, these individuals may need higher payouts from monthly disability benefits. That’s where Team 25 can help. As experienced financial advisors, we have the expertise to help high-net-worth clients find insurance policies that cover them in event of worst-case scenarios.
Our clients turn to us time and again because our financial planning strategies are always in their best interests, not ours. Our extensive disability insurance policy services include benefits planning, overall insurance planning, and more.
Disclaimer: This article is for informational purposes only and does not constitute professional financial or legal advice.
We are not tax professionals, so please consult with your own tax professional before implementing any strategy discussed.
Content is intended for informational purposes only and should not be considered as financial advice. Please consult with a professional financial advisor and perform your own analysis before making any investment decisions.
