As long-term disability insurance protects your income should you have an accident or illness that prevents you from performing the duties of your occupation, it makes sense that the insurance company with whom you are applying for a policy would want to know exactly what you do for a living.
When I meet with a client, I will ask not only their title at work, but will query about their daily duties and activities, as well. I sometimes get interesting answers like, “I’m the boss,” or I’m an executive. The insurance company will always ask me to go back to my client to get more information, if that’s the job description on the application.
We have a quote request form on ProtectYourIncome.com that people can submit to request a quote. It’s very difficult for us to respond if someone answers, “manager,” or “independent contractor,” for example. There’s no way we can offer quotes and, certainly, no way the insurance company would offer a policy without more specific information about the person’s occupation.
It behooves you to be as specific as possible about your duties and the percentage of time spent on each, because if you had to submit a claim, the insurance company would be able to more easily determine whether your illness or injury affected your ability to work at your job.
And, “Unemployed,” by the way, is not an occupation. It’s amazing how many quote requests we get like this. Disability insurance is meant to (partially) replace your income if you can’t perform the duties of the occupation (you’re working a)t due to illness or injury.
Original article: Occupation Classifications for Disability Insurance
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