Physicians make sure that others stay healthy and receive the treatment that they need on a daily basis, but too often neglect to ensure that they are protected financially in the event that they are injured and become unable to work. Many people automatically assume that their group disability coverage from their employer, worker's compensation or other sources will be enough, but this is not always the case.
When you are searching for disability insurance for physicians, there are several factors that will affect the policy quote that you will receive. This is why it is a good idea to make sure that you shop around and get several price quotes before deciding on an insurance provider. Your policy will be affected by your gender, your age, your specialty, your income, your health, and your employment status.
Your physicians disability insurance contract should contain a definition of disability that is specific to your occupation. In other words, it should be explicitly stated that if you become unable to work in your specific occupation due to illness or injury, you will still be able to receive a benefit from your policy even if you decide to work in another medical related occupation. Make sure that you study the wording of your contract carefully and ask questions if there is anything that you don't understand or have questions about.
Disability insurance for physicians should only be purchased through a reputable, financially stable, highly rated company. You can expect your policy to cost approximately 1-3 percent of your income, and the underwriting process, depending on various factors, should take anywhere from 4-6 weeks.
If you are waiting to purchase disability insurance because of the cost, you should keep in mind that persons aged 30-40 have a 1 in 3 chance of becoming disabled, and that the average disability lasts 32 months. Even if you have a pre-existing health condition, you may still qualify for a policy. Many providers will issue a policy with an exclusion clause.
As a physician, your job is to protect others, but it is important to not forget to protect yourself and your family in the event of an illness or an injury that leaves you unable to work. Don't wait until it is too late, and an accident occurs to discover how difficult it is to struggle financially while recovering from an injury or an illness. You owe it yourself to purchase disability insurance for physicians and safeguard your future.