How Professional Disability Insurance Helps
Professional disability insurance has an undeniable role to play in the lives of those who have sacrificed much to achieve heights in their occupations that are out of the ordinary.
With such success there is always the risk of loosing it all because of a gradual or sudden disability.
There are some who believe that their savings and investments would be sufficient to take care of their financial needs in such an event…
As a professional person you likely enjoy an income that is higher than average. It is years of hard work and study that has made this possible.
Disability insurance for professionals is a must as in the event of your disability…you, as well as your family, could have serious financial problems.
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This may or may not be so…depending on how frugal you have been and how long you are disabled. One thing that is certain is that the disabled person will see a rapid depletion of his or her assets.
Professional disability insurance can prevent much of the financial headache and allow the disabled person to focus on recovery. I have seen fear and worry totally destroy the confidence of a disabled person…he eventually lost his will to live and died before he should have.
Take the time to investigate professional disability insurance as it will be worth your effort. Here are some of the things to look out for.
- Definitions
Your policy’s definition of disability is of paramount importance. It should clearly state that…if you are unable to perform the primary duties of your own occupation because of illness you are disabled.
There are policies that indicate that you are disabled if you cannot perform duties in any occupation. Avoid them. You are a Surgeon…and through an automobile accident…you have the nerves in one of your hands badly damaged. If you…
have a good disability policy you are considered disabled and after the policy’s elimination period you will begin receiving income from it. You may be able to practice in some other area of the medical field, may be in an advisory position…had the definition been any occupation…you would not get paid by the insurance company.
You should also pay special attention to whether or not your disability insurance policy has a clause which covers you for partial or residual disability. After a while, and with treatment, you start to receive feeling in your hand.
You want to go back to your profession but you can only perform some of the duties in your own occupation. You can, but with a reduced income from the policy.
When purchasing your disability insurance policy you should make certain that your policy is non-cancellable and guaranteed renewable. This guarantees that it cannot be canceled by the life insurance company at any time and the terms and conditions of the policy cannot be changed. The premiums cannot be raised for the policy’s duration. - Elimination Period
Your elimination period…or waiting period…for your professional disability insurance policy is a decision that you make at the time of your purchase. This could be 30 days, 60 days, 90 days, 180 days or about 1 year. - Benefit Period Your benefit period for your professional disability insurance policy can be for up to 2 years, 5 years or to age 65. The most popular choice is to age 65.
Be certain your disability insurance company will pay when you need them. The Definition Of Disability can be Quite Misleading.
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