As a resident there are so many important choices you have to make regarding your career and financial future. One is purchasing your personal Disability Policy. The most important thing you can do is to make certain that your policy has the contract definitions that are appropriate for you and your specialty. The last thing you want is to find out that it doesn’t cover you properly, potentially costing you millions of dollars.
Unfortunately, it can be somewhat problematic when searching for the right coverage that protects your specific needs. First it is important you get a policy contract that contains what is commonly known as an own occupation rider which protects you in your specialty. These days finding a company that offers this is difficult. Not to mention the multitudes of inexperienced or just greedy agents proposing inappropriate policies just to line their pockets. I don’t want to add to your workload but it is important to investigate your options and make certain that you work with an agent or agency that has your best interest in mind.
Here are some basic things to look for in well written Disability Income Policy. I am not going to go into detail other than mentioning them. For further information go to our website and look for the definitions of each as they relate to your specialty.
- Specialty Specific/Own Occupation clause
- Partial Disability Benefit/Residual Benefits
- Mental Nervous/Stress and substance abuse protection
- Inflation Protection Rider Future Purchase Option/Guarantee of Insurability Rider
- Non-Cancelable Guarantee Renewability Premiums and Discounts
- Elimination Period
- Benefit Period
Ok now that you have the basics take the time to contact an expert in the field and make certain you get the appropriate coverage. You have invested so much of yourself into preparing for a successful career and your earning potential, it would be a shame if an improperly written disability policy were to interfere with your financial security.
Stacia Musleh
Income Protection Specialist.com
