The current market presents a great opportunity for physicians interested in obtaining an individual disability insurance policy. There are a number of insurance carriers offering comprehensive policies and interested physicians should aim to work with an agent or advisor who represents multiple carriers without any particular biases. Depending on your medical specialty, state of residency and overall situation you will likely be able to narrow your selection to 2-3 policies relatively quickly, but to effectively do so you should start by looking at the leading 5 or 6 policies being offered today.
Be Diligent Today to Prevent Heartache Tomorrow
Disability insurance is a type of coverage that you want to avoid making too many modifications to in the future, aside from possibly increasing your benefit amount as your income increases. Regardless of whether you select the most comprehensive policy or the cheapest policy, you should fully understand your options in order to make an educated and confident decision. It will likely be in your best interest to maintain that same disability insurance policy throughout your career and therefore you should feel comfortable and secure with the coverage that you select. Only if you fully understand the benefits that your policy provides and the reasoning behind your decision will you be able to rationalize paying the premium each year.
Don’t Believe Everything You Hear
Don’t just buy from a company because you heard it was the “best”. There are a number of insurance carriers offering quality individual disability insurance with a true own-occupation definition of total disability, which is one of the most (if not THE most) important provision for a physician to consider. Although a policy may be considered to be the best or most comprehensive, does not necessarily qualify it as the best policy for YOU. Every individual values certain benefits and provisions differently and your decision should be based on your own evaluation and understanding.
Considering that your disability insurance policy could someday become your sole income source, this is a decision that should not be taken lightly. Interested physicians should find an advisor/agent that is experienced with individual disability insurance, has worked with other physicians in the past and represents the leading insurance carriers – this will help make the process palatable and increase your chances of selecting the right policy for you.