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May 2, 2008, Newsletter Issue #11: Your Medical History Can Influence Your Ability to Get Disability Insurance for Doctors?
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Tip of the Week
Your medical history may influence your ability to get physician disability insurance. Prior medical issues or lack thereof may also affect the rates you might be charged for doctor’s disability insurance. You may qualify for the lowest available rates or be required to have a “rated” policy, with costs higher than you’d like. However, if you have less than a clean medical history, procuring a rated policy is still better than being deemed uninsurable.
Your practice and income are, over the long term, your most valuable asset. Just as you’d never neglect to insure your home, auto, etc., you should protect an asset even more important than those, with disability insurance for physicians. Regardless of your medical history, you should consider adding some features to your standard doctor disability insurance program.
Residual disability coverage. Should you suffer a partial disability that causes you to lose 20% of your income or more, you may be eligible for benefits. Non-cancelable and guaranteed renewable. This helps protect your future insurability. Presumptive disability coverage. The loss of your sight, hearing, speech, or limbs may be covered disabilities, even if these conditions are only temporary. Waiver of premium. Eliminates the requirement to pay premiums during a covered disability. Your medical history, if less than perfect, may make these or other available additional provisions take on greater importance. Should you be denied doctor disability insurance coverage by one company does not mean there is no company that will insure you. Check the available sources and use helpful websites like ProtectYourIncome.com to give you more valuable information.
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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