If you’re a physician, you likely spent many years and thousands of dollars earning your undergraduate degree, getting through medical school, and then completing a residency program.
With all that time and money invested, you’ll want to make sure that you can protect your assets once you’ve finished paying off your debts. It can take a decade or more to begin seeing the payoff for your investments, so it’s important to consider how your income will change as time passes.
That’s why it’s so important to purchase physician disability insurance while you’re young. Not only does it keep the coverage affordable and protect your future income potential, but it also provides you with the ability to pay off debts.
Keep reading to learn more about physician disability insurance for general physicians.
For General Physicians, Insurance Rates Are Similar Across the Board
Most of the leading doctor disability insurance companies offer coverage at similar rates. Each policy is unique in its own right, so it’s wise to read the fine print before signing on the dotted line.
It’s important to keep in mind that insurance rates will rise as you get older. Thirty-year-old doctors will pay significantly lower insurance rates than fifty-year-old physicians.
Most plans for general physicians offer a $5,000 benefit with a 90-day waiting period and will provide benefits until age 65. In addition, most plans will also offer the following benefits:
- Own-occupation - You’ll collect a disability benefit if you’re unable to work in your true profession, even if you’re physically able to work other jobs.
- Partial or residual disability - If you can work but not to the degree of your ability before you became disabled, you’ll still be able to collect a partial benefit.
- Future buying possibility - You’ll be able to buy more coverage later on in life without having to endure the underwriting process again.
- Non-cancelable - Your rates won’t be eligible to increase.
- Automatic increase benefit - Automatically elevates the benefit for the first four to five years of the plan.
Of course, the cost of your specific plan will depend on your individual needs, so it’s a good idea to speak with a licensed expert about your situation.
Riders Can Really Help
Don’t forget about insurance riders! There are several additional riders that you can add to your policy to help fit your unique needs. Check out our blog about insurance riders to learn more.
If you need assistance applying for physician disability insurance benefits, or your claim has been denied, our team here at Dabdoub Law Firm may be able to help. We’ve assisted several other physicians in situations just like yours obtain the benefits they needed when they needed them most. Don’t delay—contact our office with your case right away.
Call Dabdoub Law Firm today at (800) 969-0488 to speak with an attorney about your case.
