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.
Non-Disabling Injury Benefit
If you have an injury which requires medical treatment but doesn’t disabled you, the policy is designed to reimburse these expenses within a stated limit. (State limitations may apply.)
COBRA Premium Benefit
If you become unemployed due to a disability AND you have to pay COBRA medical premiums, the policy is designed to reimburse you for those premiums UP TO a stated maximum within the policy.
If you should die while receiving disability benefits, the policy is designed to pay a Survivor Benefit to your designated beneficiary.
Good Health Benefit
For every consecutive year you complete without receiving disability benefits, the elimination (waiting) period will be reduced by a stated number of days. (State limitations may apply.)
Presumptive Total Disability
You will be considered to be totally disabled and receive a monthly benefit if you sustain the complete loss of hearing in both ears, sight in both eyes, speech, or the use of any two limbs. Be sure to make sure any policy you are considering states that the loss does NOT need to be permanent of irrecoverable.
Surgical Transplant Benefit
Policy provides a benefit (after being in-force for a stated length of time) if a part of your body is transplanted to another persons body and as a result you become totally disabled. Be sure to check if the elimination period will be waived under this provision.
In future blogs, we will discuss optional riders available in physician disability insurance policies.
Please request a quote where can can design a contract that fits your needs and budget.