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Insurance is like a contract between two parties where one side agrees to pay for the losses in exchange for premiums. It can be simple but it's also quite complex and there are many things you need to know about insurance before purchasing a policy.
Physician disability insurance is the best option for those who work in a high-risk profession, such as medicine. In this article, we'll discuss why physician own-occupation disability works differently than other products and what to look out for when considering purchasing.
WHAT IS PHYSICIAN DISABILITY INSURANCE?
In case of an injury or illness, disability insurance will pay a monthly benefit to the insured so they can maintain income and be compensated for their loss.
HOW TO CHOOSE A DISABILITY INSURANCE POLICY:
One of the most important features that you should look for when it comes to disability insurance coverage (specifically as a physician) is whether your plan has "true own occupation" status/definition. This type of policy ensures that if you can’t work in your own occupation (specialty) the benefit is paid, even if you choose to work elsewhere. It's better than other plans where only total inability would warrant compensation.
WHY DO YOU NEED DISABILITY INSURANCE, ANYWAY?
Disability insurance is especially important because it ensures that you can still earn an income if something were to happen. This will protect your investment of time, money spent on education, and earnings lost due to training days missed for schooling or work experience.
Whether it's a back injury, vision loss, or even hand injury, any of these issues can threaten the assets you worked so hard to build through years of training. You might also have liabilities in the form of student loan debt. Injured and unable to work? Even if declaring bankruptcy won’t get rid of your debts for those loans that were once considered ‘good ones'.
WHY DO TRAINING PROGRAM DISCOUNTS SET PHYSICIAN DISABILITY INSURANCE APART?
Residents and fellows have the opportunity to use available training program discounts for disability insurance at lower rates than ever before. This discount is offered as long as it is requested before 90-180 days post-graduation.
If you purchase disability insurance while still a resident or fellow, your policy will stack on top of whatever group coverage from your employer. This feature not only makes physician-disability unique but is the best time to buy it during residency/fellowship because 'stacking' allows employees to maximize their benefits by double insuring themselves through different sources.
WHAT'S THE PROCESS TO GET OWN-OCCUPATION DISABILITY INSURANCE?
In order to protect your future earnings from illness or injury while you work, the best way is by working with an independent agent who can get you policies that offer true own-occupation coverage.
We’ve developed a simple plan that allows you to relax while we do the heavy lifting. The first step is simply to request your quotes. The second is to compare the policy options that we put together for you and get answers to any questions you have. And the third is to apply and buy risk-free.