Types of Disability Insurance For Doctors

In many careers, professionals have the choice of determining how effectively they can deliver services to clients. However when it comes to the medical profession, there is a set requirement of the state of a medical practitioner to provide quality services to patients. Anything short of these requirements means that a doctor is unable to effectively serve patients and this could be the end of the career. Disability insurance for doctors covers the risk of loss of ability to provide services within their training or specialty.

Considering the delicate nature of a doctor’s career, doctors disability insurance is crucial to maintain a livelihood in case their service delivery is compromised in any way. There are various types of policies in life insurance for doctors depending on quite a number of factors. All doctors are encouraged to seek any of the following types of coverage for the obvious reasons. The benefits and advantages of any insurance cover will greatly depend on the type of policy.

Individual disability insurance protects the income of a doctor within his specialty area, such as surgeons, dentists and physiotherapists among other specialty areas. Own occupation policies are a great way to safeguard income. This is because the benefits that are paid are with regards to the income earned in this specialty area even if you are forced to change to a different specialty area due to disability. Another reason why this type of doctors disability insurance is suitable is because most policies are non-cancellable and renewable regardless of any other occupation taken up by the policy holder.

Association plans are another type of policy in life insurance for doctors. Association policies are generally more affordable in terms of premiums, however, they are not favorable to an doctor in the association because of the lack of control presented. The policy does not have any guarantees and the insurance company can make any changes to the policy at any time.

Another type of coverage for doctors disability insurance is the loss of earnings. This policy differs from the individual coverage policy in that benefits are only paid to policy holder if he/she is disabled and also cannot generate any income. Therefore changing to another practice or specialty area means that benefits will not be paid to the policy holder.

Another form of disability insurance for physicians is an employer sponsored group. These are usually similar in terms as the association plans. Therefore it is advisable to go for individual disability insurance before entering an employer sponsored group for maximum benefits.