What Should Doctors/Physicians Look for When Buying Disability Insurance Policy?
Whether you are looking into getting a short-term or a long-term plan, you can boost the quality of your disability insurance coverage with the following essentials that can be included in your policy agreement:
Own-occupation: With own-occupation disability definition, you are guaranteed your disability benefits if you cannot continue to work in your area of specialty, regardless of being engaged and earning income from another specialty or profession.
Non-cancellable: With this option in your policy, your insurer can never raise your premium payment or make adjustments to your policy.
Residual Rider: This is a partial disability insurance rider that ensures you are still paid a portion of your income if a disability condition reduces your work input and earning power.
Future Purchase or Increase Option: With increase option, as your earnings increase in the job, you can be excluded from medical underwriting (medical assessment) if you choose to buy more benefit in the future.
Automatic Increase Benefit: This option gives you an automatic benefit increase after the first four to five years of the contract.
Own Occupation Disability Insurance for Internal Medicine Physicians
Let’s say you work as an internal medicine physician and practicing over the past 8 years. One day on the way to work, you’re hit by a car which breaks a few bones in your back and leg. After going through therapy and recovering from that accident, you’re still not able to walk or stand for long periods of time.
Own occupation disability insurance helps by paying you the benefit of the policy each month, after the elimination period. If you cannot work as an internal medicine physician but take up another occupation, the benefit will continue to pay out because you cannot work or perform the duties in internal medicine.