The uncertainties of life are well known to everyone especially about fatal accidents that result in death or dismemberment of the victim. It can happen to anybody including you and that brings up the question of your individual disability insurance (IDI) policy and what it covers. Fatal accidents resulting in the death of the insured will ensure benefits to the nominee but what happens when the victim is left with serious dismemberment that disables him/her for life? Obviously, this is not a question to be asked after the accident; rather ask it when you are safe and sound.
Some folks argue that accidental death should not even be discussed in relation to doctors disability insurance as the question of income replacement becomes irrelevant in this case. However, insurance policies are made keeping several risks in mind and the group life insurance and AD&D coverage is one such complementary feature of a term life policy. It is a unique term life policy because, in case of dismemberment resulting in permanent disability, the victim can access a portion of his/her death benefit. There are some other benefits for victims suffering permanent disability.
Lifelong disability is rare but real
It is true that lifelong disability resulting from an accidental injury is quite rare but it would be a mistake to overlook it completely. One can be unfortunate enough to suffer an accidental injury that results in permanent disability. Most disability companies do not have a policy tailored for such an event.
The only way to ensure that you have decent enough coverage is to see how the combination of your physician’s disability insurance and term life insurance policies works out in the long run. Your IDI policy will get you the benefits till your retirement age while your term life policy will bring you certain benefits beyond your retirement age.
Your IDI policy will cover you till retirement age
Since cases of permanent disability are rare, the underwriters will inspect your claim very closely before approving it. You will get disability insurance services for your claim of permanent disability based on the underwriter’s report and it is likely that your insurance provider will review your disability status at certain intervals.
The compensation amount will depend on several things beginning with the level of income replacement you are seeking. For instance, dentists have a higher income than most doctors and hence their dentists disability insurance would provide more benefits permissible under the insurance provider’s maximum limits.
Get professional advice to optimize your cover
Insurance is a complex subject but it is also something that is indispensable, more so a healthcare professional’s disability insurance. You will need to invest a lot of time in order to understand the different kinds of policies offered by the different insurance carriers.
As a busy doctor, the time comes at a premium for you, and hence it is preferable that you spend the little that you can afford on finding a reliable disability insurance broker. S/he is an industry professional with in-depth knowledge of the best insurance policies and knows how to optimize them for comprehensive coverage.