Doctors are often too busy to discuss their own health concerns. The very thought of becoming ill and being out of practice even for a few days does not cross their minds.
Most doctors are satisfied by the basic insurance coverage, as they feel it provides adequate protection in case of an eventuality. Disability concerns have never been a top priority.
Unfortunately, such a perception is far from the truth. Because of the unique nature of their practice and the constant risk of getting infected while treating numerous sick patients, doctors must have disability coverage insurance that will safeguard their income.
Agreed that an annoying aspect of a disability policy is it is a product that you are compelled to buy even though you hope it will never be used.
Yet, we must think of the worst-case scenario and buy an appropriate cover and rest a bit easier so that you and your loved ones will have some protection in the event of an unfortunate illness.
Purchasing a disability cover can be a demanding task, firstly because of the difficulty to understand the intricacies in disability policies and secondly the effort required to find a reliable broker agent advisor.
This brings the question. Do you really need an agent or a broker agent advisor?
The answer is a strong yes.
The reason – lots of choices and confusing products. You can spend an unending time trying to sort the choices and lose good money picking the wrong products.
To start with you must be clear that a disability cover actually is an “Income replacement insurance”.
- Long term disability insurance typically replaces two-thirds of your income if you are no longer able to do your job. Premiums range from 1 to 4 percent of your annual salary
- Short term disability insurance – It is a cover for a short duration following an illness or an injury that keeps you out of work.
The best way to understand the basics is to read any disability article on a reliable and dependable insurance website.
And after you do decide to buy a disability cover, speak with a broker advisor to help you choose the right product.
Keep in mind that abundant care must be exercised while choosing the right disability insurance broker advisor.
Here is a caveat.
Several disability news stories are circulating on how agents have duped doctors.
This should not come as a surprise as doctors are easy targets for insurance agents. This in part is because doctors need to ensure high amounts of income.
Another reason. Disability insurance is not as straightforward as life insurance is. It has complex verbiage and gray areas.
Unlike general insurance plans, disability insurance plans require a more detailed analysis apart from going through the fine print with a magnifying glass because many providers pull their tricks here.
One cannot simply trust the assurances given by the disability insurance broker to determine if the insurance plan is the most appropriate one for their situation and needs. You should run a detailed check for yourself to see if there is a gap between what’s being promised and what’s on print.
A smart approach is to choose a well-known insurance provider that offers income protection designed specifically for medical and dental professionals.