In one of our recent blogs we spoke about general exclusions for disability policies including the acts of war declared or undeclared. Our brief synopsis of the acts of war exclusion sparked a lot of questions from medical professionals in the military. So to enlighten subject as it relates to disability coverage we decided it would be a good idea to write a blog for military doctors.
As stated above, the first and most important point to understand is that acts or accidents of war will not be covered. What this means is if you become disabled due to an injury or sickness during any military activities, including drills and combat, the insurance company will not pay a claim. This is standard for ALL insurers. However, many companies take this exclusion to the next level, and automatically suspend your professional disability coverage while on the active duty regardless of if you are paying the premium or not, eliminating all risk.
There are still options. Currently, one A+ and one A rated Insurance Company gives you the option to suspend your policy while fulfilling your military commitment as a medical professional. It is not a mandate and thus allows you to keep your policy in force covering you for accidents, sicknesses, or injuries that occur. Such protection insures that your hard work and sacrifices to become a medical professional were not in vain. Though it is true that the acts of war exclusion will limit the coverage to non-military claims, some coverage is better than none at all.
Remember a disability policy could be worth upwards of $10 million to you! Please read your policies carefully and if needed ask a specialist for a second opinion. Feel free to contact Income Protection Specialist.com with regards to this subject matter or any other disability insurance questions. Additionally, we at Income Protection Specialist.com would like to take this time to thank all of our Veterans and current Troops for their service to our country.
