Picking a long term disability insurance policy can feel like a daunting prospect for any physician. However, selecting the right long term disability insurance for physicians does not have to be a stressful or time-consuming task. Physicians should be able to narrow down their options quickly by focusing on the following simple factors.
For most physicians, ensuring that a disability insurance policy offers adequate income replacement should be a top priority. Physicians should consider their current income and look for a policy that covers at least 50 percent of it. Physicians with substantial savings can opt for lower coverage, but they should remember that a disabling condition may easily outlast an emergency medical fund.
Next, physicians should check whether a given policy offers adequate protection. Physicians may want to consider the following questions:
- Is the policy cancelable? Physicians are left vulnerable if an insurer can cancel a policy or change its terms.
- Does the policy address the physician’s specific occupation? A policy should recognize conditions that are disabling given a physician’s specific job duties.
- Does the policy only require own-occupation work? Ideally, a policy should award benefits if a physician cannot work in his or her regular occupation, even if the physician can work in a related field.
A policy that meets these terms should provide more comprehensive protection than a policy that is less stable or less occupation-oriented.
Finding the Right Fit
When purchasing long term disability insurance for physicians, physicians may benefit from partnering directly with an insurer that specializes in insurance policies for medical professionals. This ensures that the final policy will be optimally structured to address the physician’s unique needs and areas of risk.