Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Disability Insurance for Doctors and other Disability Insurance topics.
At first glance, you might believe that physician disability insurance appears to be a bit expensive – particularly when compared with some of the group disability plans of which you might be aware. However, as sometimes occurs with an initial diagnosis of a patient's problems, all is not necessarily as it first appears. The nature of medical doctors and the invaluable service they perform suggests that doctor disability insurance coverage is adequate to provide appropriate benefits when needed.
A significant factor is the definition of disability in physician disability insurance. For example, most group disability insurance for employers states that one is no longer technically disabled if they can perform “any gainful occupation.” Therefore, unless you have the burning desire to give up your practice of medicine and join the fast food workforce or become a library employee, you should be aware of the disability determination of your coverage.
Disability insurance for physicians should, whenever possible, contain an “own-occupation” provision. This means that you would be considered disabled – and eligible to receive income benefits – until you were able to resume the specific duties of your specialty. There is a cost for this added protection, but most medical doctors should strongly consider having this protection.
You should also be aware that generally acknowledged statistics suggest that, in the case of disability insurance for doctors, there is a significant likelihood of the payout of benefits in the future. Some industry studies have concluded that approximately one of every seven people will suffer a five-year disability before the age of 65. Therefore, premiums must be calculated accordingly.
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.