According to disability insurance experts, 1 in 4 people in the United States will experience a disabling condition that prevents them from working at some point during their career.
Although individuals working in medical professions are at a comparably lower risk than those working in some other professions, it can still be vital to protect your family from unforeseen medical events that could cause a loss of income.
Typically medical leave policies at most companies do not provide disability income for events such as the birth of a child, psychological events that may necessitate a leave from work, or long term illnesses.
Other benefits, such as Social Security Insurance or Disability and Workers Compensation programs, rarely pay equal amounts to an individual’s salary.
This makes disability insurance a sensible option when planning for your financial security… even if you are already covered by a policy through your employer.
What to look for in a disability insurance policy
If you happen to be considering the purchase of a disability insurance policy, it is important to begin as an informed consumer regarding cost, benefit premium, limits to coverage, etc.
In general, the cost of a disability insurance policy for medical professionals is less than for other professions. However, your company may provide some kind of disability insurance as part of their fringe benefits package.
It is important to know as much about this coverage as possible before you decide whether you may need to supplement with a private policy.
In most cases, employer-based policies will not completely cover the loss of income experienced through a disabling condition. In that case, you may benefit from a private policy offered through several private insurance companies.
Some of these companies offer a lifetime benefit, meaning that you will receive compensation if an illness or injury prevents you from working for the rest of your life, while others limit the maximum benefit to a finite number of years. Some companies offer the same coverage whether the illness is medical or psychological, others strictly limit the coverage for psychological illnesses.
According to Lawrence Keller, a disability insurance expert who specializes in medical health professional’s disability insurance needs, one of the most important things to look for in a policy is that it is both non-cancelable AND guaranteed renewable.
This means that once you sign the contract, the company cannot raise the price or change the benefits.
Whether or not you decide to invest in a private disability insurance policy, research can provide you with the knowledge you need to make the best choice to protect you and your family from unforeseen loss of income.
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Either way the choice is yours…