The purpose of disability insurance for a medical professional is to protect your income in the event of an injury or sickness preventing you from accomplishing your duties as a specialist. For doctors this can amount to over $10 million in future income owed to you.  Needless to say that is lot of money, which is why insurance carriers or companies have created protective barriers to minimize excess risk. The barriers are called exclusions and limitations, allowing the insurance providers to forgo paying a claim under certain circumstances. Because of the variability of exclusions between companies it is vitally important for prospective purchasers to read their policy.

With such ambiguity between companies it is important to note the few universal limitations within the Insurance Industry. The general exclusions include disabilities sustained from acts of war, felonies, and self-inflicted injuries. Just like any exclusion the purpose of these standard limitations serves to mitigate the risk faced by the insurance company. The exclusions appear straightforward which is why many insurance agents glide over them, failing to explain each exclusions true meaning. By not explaining these limitations properly, agents put their clients in harms way.  As specialists we feel that everyone should understand the true meaning behind these exclusions which is why we have included the following synopsis of each.

• Acts of War- This category may appear to be fairly straightforward, however there are a few claims that can be excluded under this category that are far from obvious.  War by legal definition is an ongoing unresolved conflict. This definition gives insurance companies incredible leeway to exclude claims under this category. Basic exclusions include injuries or sickness associated with acts of terrorism such as that displayed in Boston early this year.  In addition the definition affords Insurance Companies the right to exclude claims sustained during marches and any other demonstration due to civil unrest. For example these demonstrations could include controversies such as abortion rights, or same sex marriage.

• Felonies- This category of exclusions simply states if you claim disability from a felony which you have committed or attempt to commit, the insurance company has the right to forgo their payment of the claim.

• Self-inflicted injuries- Any self- inflicted damage to your body with the intention of defrauding an insurance company will not be covered.

A competent agent should read your policy with you to make certain you understand these and all other exclusions and limiting phrases in your policy.

For 26 years Income Protection Specialist, an independent advisor free from insurance company bias and control, has focused on educating specialist and helping them make the right decision for themselves and their family. Why trust anyone other than a specialist.