When you purchase a disability policy, the company classifies you in an occupational class based on risk. Some occupations deemed riskier, such as a surgeon, will be in a different occupational class than a less risky occupation such as an attorney. The occupational class determines your premium.
Recently, we received notice Berkshire/Guardian that they are upgrading some occupations. If you fall into one of these occupational categories, your premiums would now be less than if you had purchased prior to the announcement.
The occupations that have received these enhancements include:
- Accountants (college degree, non-CPA)
- Biologist
- Psychologist (PhD)
- Appraiser
- Architect (Landscape Architect). Architects are already at the top available occupational class.
- Consultant
- Decorator
- Gastroenterologist*
- Pediatrician*
- Psychologist (Master’s)
- Radiologist (Diagnostic)
- Chemist
- Scientist (botanist, Biochemist, Geologist)
- X-ray Technician
*Move up criteria of five years’ experience in occupation must be satisfied for eligibility into the move-up class. For medical specialties, only time in practice will count toward this move-up criteria and does not include medical training in a residency program or fellowship.
Information posted by Jamie K. Fleischner, CLU, ChFC, President of Set for Life Insurance by KF Financial, Inc. headquartered n Greenwood Village, CO.
