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Disability insurance can be a wonderful way to protect your income. Just make sure you understand the major provisions of your coverage. One of the most important is the common definition of covered disability situations that allow you to recover some otherwise lost income. Some group doctor disability insurance plans use language that defines disability as your inability to work in any gainful occupation. As a medical professional, this definition could obviously become a problem in certain situations.
There is a way to correct this deficiency. You may have little or no control over the language in group policies, but if you buy your own disability insurance for doctors, you can include an “own-occupation” provision that will have language similar to the following: “The policy will pay the insured benefits if the insured is unable to work in their specialty due to injury or illness.”
Since your occupation/profession is very specific and normally involves an income level above the average worker, this clause in a physician disability insurance plan helps eliminate the possibility that you may be judged to be no longer disabled since you might have the ability to work in any gainful occupation. By including an “own-occupation” provision in your physician's health care package, you will normally continue to receive benefits until and if you are able to resume the duties of your specific profession.
Refer to your insurance policy contract for specific information regarding your coverages 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.