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Physicians
Most Physicians have read or been taught to purchase Disability insurance that includes coverage for “own occupation” also know as “your occupation.”This means you are protected in your particular medical specialty if you suffer an income loss due to disability. This means you will receive benefits if you can not earn your usual income in your specialty and even if you are working full time in another specialty.
But!!! Did you know your policy could cover you in “your specialty” yet payments could stop after 2 years? What if you suffer a permanent loss of income? What would you and your family do for income after the first 2 years? Even though your policy has a maximum benefit period of age 65, benefits could stop after 2 years because of this limiting specialty clause contained in many policies.
At Disability Insurance Specialists we represent only the insurance companies that provide policies providing payments to you to age 65 in “your specialty”. Payment is not cut off after 2 years if you are performing or could perform in another specialty. Many policies purchased since 1997 have this disastrous type of limitation. We make sure you avoid this type of limiting and catastrophic verbiage in your policy. Thus, do you know if your current policy has this 2 year or in some cases 5 year clause?
Some policies have verbiage that will cut your payments off after 2 years if the insurance company feels you could possibly work in “any occupation.”
Do you know if your current policy has the appropriate verbiage to protect you if you return to your “specialty” but have a partial loss of earnings? Just because you have coverage does not mean your policy will pay you the benefit. You must make sure your policy has the type of verbiage that causes the insurance company to pay you the correct benefit based on your loss of income and for the appropriate benefit period.
- Do you know if your policy’s premiums are scheduled to increase periodically?
- Do you know some policies have no limit on how high future premiums can be raised?
- Do you know if your policy’s contract provisions can be changed at any time?
- Do you know if your policy can be cancelled?
At Disability Insurance Specialists, we have been making sure for the last 28 years physicians have the best possible contract verbiage in existence. We will review your current disability contract if you desire and advise whether to replace or supplement.
As a specialty broker, we work for you and not an insurance company. The insurance company is the vehicle of protection and not the determinate. We shop for the very best contract verbiage and quality of company. Once this goal is obtained, we narrow down the company and policy choices to the best and lowest premium policy for you.
U.S. Department of Labor
Online Physician Locator
American College of Physicians
American Family Physician
American Academy of Physician Assistants
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