Understanding Disability Insurance

Long Term Disability Insurance provides an essential level of protection for your most important asset - You. The income you earn supports every aspect of your life - family, living expenses, retirement savings and business operations. As a physician and or dentist, you see firsthand what devastating effects a long term disability or illness can have on a person and his or her dependents. Consequently, it is imperative to implement an income protection plan against this risk using disability insurance as a sensible funding mechanism.

•  What Types of Disability Insurance Do Most Physicians and Dentists Have?

The most common forms of income protection plans for either a physician or dentist are an individual disability insurance policy, an employer group disability insurance policy, or a combination of both. Most often, medical or dental professionals obtain an individual disability insurance policy first as their primary form of coverage then couple that with their practice’s group long term disability policy. Keep in mind, there are a variety of differences between how these types of coverage alternatives work in protecting you.

•  How does my own Disability Insurance Policy work?

An individual policy protects only the policyholder and is usually 100% portable. This means you are covered under the policy regardless of where or how you work, as long as premiums are paid on time. Do all policies protect you as a physician or dentist in the same way? Absolutely not. Each disability insurance contract terms vary, even within the same carrier so you should always compare options based on similar contract provisions, not price. If there is a large difference in price, there is going to be a difference in the protection offered.

•  How do I get started with the process of obtaining my own Disability Insurance Policy?

Step One - Choose a plan - Request a selection of disability insurance quotes

Step Two - Complete an Application and start the underwriting process

Step Three - Following underwriting approval - choose your funding choice and activate coverage.