As a physician, it’s crucial that you carry some form of physician disability insurance. While you’ve probably considered your life insurance needs, statistically, it’s more likely that you’ll endure a disability that impacts your practice than the likelihood of your death.
There are many options for physicians when it comes to doctor disability insurance. Insurance riders can be important components of your policy. Continue reading to learn which riders may be beneficial to your situation.
Insurance Riders
In essence, insurance riders are added benefits that you can implement into your insurance policy. These optional riders tend to come with an additional premium payment.
Insurance riders allow you to personalize your physician’s disability insurance policy to address particular needs or concerns you may have.
The following are some insurance riders you may want to consider:
Residual Disability
With this rider, you’re guaranteed to receive benefits for a partial disability. You’ll continue to collect benefits during your recovery from any disability in addition to your transition back into the workplace. This rider shouldn’t increase your premium by a significant amount.
Future Purchase Guarantee
This rider is ideal for you if you’re still in medical school, in residency, or relatively early in your career. This rider provides contractual documentation that makes it possible for you to purchase the additional insurance you need as your income increases in the future.
Inflation Protection
This rider essentially indexes your benefit to inflation, so it makes the most sense for younger physicians in their 20s, 30s, and 40s. That means if you become disabled in your 20s or 30s and are forced to rely on insurance benefits to cover the costs of living, 20 or 30 years later, if you’re still disabled and relying on benefits, the compensation you receive will continue to hold the same purchasing power as it did when you first began collecting benefits.
Choose the Riders that are Best for You
Not all physicians need to carry every available insurance rider. There are several more available options than the three listed above, so it’s a good idea to consult your insurance company to go over all the different riders they offer.
If you need help applying for physician disability insurance benefits or your benefits have been denied, our team may be able to assist you. We have helped hundreds of people just like you attain the benefits they needed, and we may be able to help you, too.
Don’t wait—contact our office with any questions you may have right away.
Call Dabdoub Law Firm today at (800) 969-0488 to speak with an attorney about your case.
