By Matt Lalande in Long-Term Disability on August 05, 2020
Typically, LTD policies contain a provision that considers a person eligible to receive benefits if he is disabled from working at his own occupation for the first two years. This is known as the “own occupation” (own occ) period. Thereafter, the test changes to a more difficult definition which requires the individual to be disabled from performing any occupation for which he is reasonably suited (language like “qualified, or could become qualified for, by reason of education, training or experience”). This is known the “any occupation” (any occ) period. The juncture between the two definitions of total disability is known as the “Change of Definition” or the “COD”.
Because the test for the “own occ” period is less onerous, and the insurance company’s potential exposure is lower, insurers will often pay benefits during the “own occ” period, but resist paying benefits into the “any occ” period. During the latter period the potential payout, especially for a young person, could be significant.
Before the “own occ” period expires, the insurance company may:
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