modified own occ??

[beth928]

So, I am reviewing my insurance plans and it turns out that I have quite a few that I have accumulated in the 9 years since I finished residency.  I am trying to figure out if I should consolidate them, d/c some of them, or just ditch some altogether.  So, I called the first disability policy I ever took out, which was done right as I left residency in 2009. This was with unum and is a "modified own occ" policy.  The insurance guy (who I called directly at unum) said that I could flip burgers if I want, but otherwise could not earn income and still get the benefit.  Is this good enough or should I have full own occupation insurance?

It is only 4k benefit, to age 67, with 90 day elim period. I have other coverage with other companies, but wanted to start looking at the oldest one first.  If it matters, I am perfectly healthy and age 40.  I also am still paying stud loan of 203k and a business loan of 267k  along with a mortgage.  Any advice or comments are greatly appreciated!

[jfoxcpacfp]

You should consider having an independent agent review your policies in the aggregate and make a recommendation. For example, the modified OO doesn’t sound very beneficial but i don’t know what other coverage you have. There are several excellent agents listed as recommended providers on WCI.

[DK Unger]

It would be optimum to have a disability insurance specialist review your policies to make certain you thoroughly understand the provisions. With modified own occupation coverage, you will receive 100% of your monthly benefit if you become disabled from working in your own occupation/specialty and you choose not to work elsewhere. Assuming your disability allows you to work elsewhere, and you choose to, then the benefit will be determined based on your earnings while disabled compared to your pre-disability earnings. Generally, if you are earning under 25% of your pre-disability earnings, you will be eligible for 100% of the monthly benefit. If you are earning more than 80% or 85% of your pre-disability earnings, you will not be eligible for any disability benefit. If your earnings fall between these levels the monthly benefit is proportionate (i.e., if you are earning 50% of your pre-disability earnings you will receive 50% of your monthly benefit).

[Scott at MD Financial Services]

Depending on what your goals and needs are you may or may not need those contracts.  In addition, they may or may not be the best price per dollar of coverage.  A few factors that really come into play for you will be gender, state of residency, and specialty in dentistry.  There are some great solutions with 15-25% discounts to retail rates that you can get as a dentist but those will depend on some of your stats.

If we can help further let me know.