Many physicians in New Jersey expect that they will be able to recoup their years of schooling with decades of applying their knowledge in decades of practice. Yet, what happens when a doctor becomes disabled at a young age and cannot work for an extended period or even permanently?
Protecting yourself against the unexpected
Most people believe that disability will occur through a catastrophic car accident. However, in reality, more individuals become disabled through illness. About one in seven doctors will experience a disability during their professional lives, underscoring the need for private long-term disability insurance. This type of insurance is complicated, so learning about it is essential to purchase the right policy.
One of the doctors ‘ most significant risks is losing the ability to provide a high-powered income. Long-term disability insurance provides you with an income when you cannot work. Depending on the policy, you will receive the monthly income until you reach 65 to 67. As with other types of insurance, you buy a policy and pay the premium monthly. Many policies have provisions for long-term and short-term disability. Most doctors do not opt for short-term disability, but those not yet financially independent may want to consider a policy with a long-term disability provision.
Navigating the types of disabilities covered
Choosing the correct type of physician disability insurance is crucial to filing successful claims. The difficulty arises because of the wide-ranging definitions and types of disabilities. Disability insurance is unlike life insurance, where there is only one possibility. When searching for a policy, you should get one with a broad definition of what a disability is.
The most important aspect of a physician disability policy is that it is specific to your occupation, with provisions that make sense for doctors. Other essential requirements include an “own-occupation” definition that details the specific duties of your specialty or sub-specialty that could come into play at the time of a claim. Without these provisions, the insurance company could end up denying your claim at a time when you need it.