A special type of income insurance that pays the insured a monthly benefit payment when the insured is unable to work due to a qualifying disability. Disability coverage typically falls under one of two categories:
- Any occupation
- Own occupation
“Any occupation” generally specifies that the insured will receive disability income benefits only when they are unable to do any type of work (meaning, if they cannot work in their primary occupation, but they can work in some other occupation, they will not qualify for disability benefits), whereas “own occupation” specifies that the insured qualifies for disability benefits if they cannot perform their own (chosen) primary occupation.
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