As you age, your physician disability insurance policy may not allow you to increase your coverage, or it may exclude certain conditions from coverage. However, if you have a Future Increase Option in your policy, you may not have to worry about these restrictions.
Can you believe it? It seems like just yesterday we were watching the ball drop on New Year’s Eve and now Independence Day has already come and gone.
Being that we are half way through 2016, have you had your disability insurance policy reviewed recently?
What do foreclosures and disabilities have in common? A lot! It turns out that almost 50% of foreclosures involve disability of the family breadwinner. But surprisingly, only about 3% of foreclosures are a result of death. So if you want to protect your family financially, which type of insurance is more important? Obviously, the physician disability insurance is much more important.
Nevertheless, I am surprised by how often I speak with people who are very careful to have life insurance, but haven’t given physician disability insurance much thought.
As a physician who takes care of others day in and day out, you understand more than anyone that injury and sickness are not discriminatory; it can happen to anyone at anytime. (One of the many reasons you know the value and vital need of owning a physician disability insurance policy.)
What if something adverse were to hit a little closer to home and affected your loved one? Chances are you would cut back your working hours in order to help take care of them. The Standard is an insurance carrier that recognizes this possibility, and they have a built-in provision in their contracts called the Compassionate Disability Benefit.
Last week we had a general surgeon call us about a skiing accident he just had. He was getting off the gondola and walking to the slopes when he slipped on a piece of ice. As he fell, he caught his thumb on the edge of his ski and suffered nerve damage.
This general surgeon is now unable to do surgery for the foreseeable future. So the question is, “How will my disability policy work now that I need it?”
One of the most common questions physicians ask regarding disability insurance is, “Why should I purchase an individual owned disability insurance policy when I can get group disability coverage at a lower cost?” It is true that group long term disability policies are often provided at little or no premium cost to a physician through his or her group. It is also true that individual coverage is typically more expensive and the underwriting is more difficult. But, the bottom line is you get what you pay for.
If you are paying little for a long term disability policy, you are going to get little when you need it the most. Just like any type of insurance, it is important to understand the fine print. Let’s explore the differences between long term individual disability and group long term disability.
Physician disability insurance is offered with a multitude of optional riders and base policy features. In this blog, I’ll touch on some of the base policy features that can be found in a quality disability insurance contract designed for physicians.