There are a lot of things to consider when purchasing disability insurance for doctors. The policies vary quite a bit, and it is important to fully understand all aspects of a policy before signing the contract. Regardless of the specific policy chosen, the following is a list that should absolutely be included in your physician disability insurance.
• Verify that the policy uses the “own occupation” definition of disability rather than the “any occupation” definition.
• Search for a policy that clarifies “own occupation” as your particular medical specialty rather than as the general medical profession.
• Make sure the policy has a recovery benefit.
• Look at the insurance company’s financial strength ratings to verify you’re purchasing coverage from a company likely to be around and able to pay if you ever need to file a claim.
If you’re still curious about how to choose the right policy for your doctors’ disability insurance, contact us. We’ve been doing this for over 20 years and can easily guide you through the process.