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 from the right insurance company.
What are some of the attributes to look for in physician disability insurance?
A disability insurance policy for a doctor should:
- Be backed by a financially strong disability insurance company with top financial strength ratings from the independent rating services. Financial strength is the first consideration. After all you will be making a “deposit of your future earnings” with this financial institution in the event of your disability i.e. they’ll be the “bank” that holds your income. Make sure it’s strong.
- A physician’s disability insurance policy should have an "Own Occupation" definition of disability. The insurance policy should define disability as the inability to perform the material and substantial duties of your occupation known as the "Own Occupation" definition of disability.
- Ideally the disability insurance policy should have an even stronger own occupation definition of disability – It should define your occupation not only as a physician but further define your occupation as your specialty.
- There are more important issues to consider including the important issue of recovery benefits. These differ widely among companies Click here to read more.
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