May 16, 2008, Newsletter Issue #13: Some Valuable Extra Features in a Policy for Disability Insurance for Medical Residents

Tip of the Week

Even though you are technically a medical resident and not a privately practicing physician yet, you may be eligible to choose some important options as part of your disability income coverage. While you may not have access to a full menu of additional options, you may have the ability to purchase some very important extra features.

“Own-occupation” definition. You may be covered as part of your hospital safety and insurance program, but you may not have own-occupation coverage. A standard policy often states that, should you become temporary disabled, you may become ineligible for benefits once you are able to perform the duties of any gainful occupation. But own-occupation coverage means you remain eligible for benefits until you can return to practicing your profession. Future increase option. This feature guarantees your insurability and allows you to increase your monthly benefit amount regardless of your medical condition in the future as your income grows. Non-cancelable or guaranteed renewable ability. This feature, if available, would protect you against negative changes in your medical history in the future. There may be other features available from some insurance companies that enhance your medical resident disability insurance coverage, but these are some important options you should consider.

Refer to your insurance policy contract for specific information regarding your coverage and for actual terms, conditions and exclusions. The above statements are general in nature and may or may not reflect the actual terms of your insurance policy

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