Wed. Jan 26th, 2022
Disability insurance

As a physician, you’re made a significant investment of time, energy, and money into building a demanding career with the promise of a high income and all the rewards your profession provides. But, should an injury or illness prevent you from performing your specific duties, that promise can suddenly evaporate. You insure your house, your car, your health and your life; doesn’t it make sense to insure your most valuable asset-you, the Physician disability insurance protects you by protecting your ability to earn an income.

Why You Need Physician Disability Insurance

  • Disability is a risk for every working person, but the stakes can be even higher for medical professionals. Their capacity to earn a substantial income often depends on the ability to perform highly specialized manual tasks,
  • Physician disability insurance is long –term disability insurance coverage with an own-occupation provision that is designed specifically for medical professionals.
  • It protects your source of income in the event that you are no longer able to perform your medical especially due to injury or illness.
  • Disability insurance policies for physician, dentists, and other doctors typically feature a true own-occupation definition of disability.
  • Your skills are in your knowledge and your ability to physically and mentally apply that knowledge. You have made an extraordinary investment in time and you and four families’ continuing financial well-being is tied to the application of your medical knowledge and skills. The disability policy protects that investment.
  • If you are unable to perform your duties as a physician, you are aware of the need to insure the replacement of that income with quality disability insurance.

How does physician disability insurance work?      

Physician disability insurance policies look like this:

  • They are individual policies.
  • They provide long-term coverage.
  • They have a true own occupation definition of disability

Benefits of Physician disability insurance

Disability insurance is important for anybody who needs to work to earn income. If you cannot work in your specially due to injury or illness, that can be problematic for you financially.

For self-employed professionals whose incomes are based solely on the number of clients or patients they see. It is important to understand how recovery benefits work. While some policies have an unlimited recovery benefit built into the residual disability rider, other make the recovery benefits available as a separate rider.

A residual disability is typically defined as a loss due to a sickness or injury even when the injured person remains employed and is not completely disabled. The residual disability rider provides monthly supplemental income to match the loss of earnings in an attempt to repair the injured person’s income.

The decision can also be made on the basis of your health status and proneness of getting a disability or a disease which can be considered on the basis of your genetic history of illness. The physician would continue to her pre-disability income. For a self-employed individual, this can mean the difference between surviving financially or not.

By Sanket

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