Thursday, May 26, 2022

Why High-Earning Doctors Need Disability Income Protection Insurance

Doctors and dentists with a super-successful practice have little time to focus on their own health. With their busy schedule, they pay scarce attention to precautions while going about their job. An illness or an accident can easily happen in their lives and the consequences can be distressing, both physically and financially. Read about Disability Income Protection Insurance below.

Income protection insurance is a vital component for the financial wellness of doctors. There cannot be any compromise on the need to have one because of the financial stability it offers. Many physicians put off the decision to buy physicians disability insurance because they find it difficult to understand the terms and conditions and other complex components of the plan.

The best disability insurance policy is one that can provide long-term protection and cover all types of accidents and injuries. It must also cover sickness and ensure a steady income throughout ill health. 

Look Closely At the Exclusions/Restrictions

We know from our past experiences with health insurance that there will be restrictions/exclusions in any policy. The disability income insurance policy is no different. Also, pre-existing conditions are among the exclusions mentioned in nearly every policy. If you have any existing health issues or have suffered a medical condition in the past few years, it can restrict the comprehensiveness of the policy. Most policies also exclude self-inflicted injuries and illnesses caused by the use of alcohol, drugs, or similar substances.

It is important to choose the right disability insurance broker so that you can get the best guidance and advice for choosing a disability income insurance plan that benefits you the most. You will have to pick and compare many plans before you can arrive at a decision. 

Decide On a Budget

The cost of income protection insurance depends on a few factors. These are age, health status, type of coverage needed, length of the coverage, and the premium you plan to pay. Generally, a typical income protection plan for $10,000 could cost you a $90 to $150 premium every month, again based on the age and type of cover. By speaking to an experienced broker, you will be able to know the exact amount you will spend annually for decent income coverage that will see you and your family through the troubled times. 

You must remember that for insurance firms, disability is not a clear-cut, black and white definition. You cannot expect your claims to be approved for any illness or injury. It must fit within and meet their terms and conditions. 

Work With an Established and Reputed Company

Your choice of the disability insurance firm will make a difference in how your investment pays you back. Choose a well-established insurance provider with a reputation for processing claims quickly. Also, make sure the company you choose has sound financials and enjoys top ratings in the industry.

Most physicians and dentists turn to MGIS for buying their healthcare professionals disability insurance. The reputed national insurance service has been around since 1969 and partners with the leading brokers to provide the best insurance and specialty coverage to the medical fraternity.

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