Tips to buy Disability Insurance For Physicians

The role of a physician is to make sure their patients get the right treatment and stay healthy both physically and mentally. However, they ignore their own health status despite the fact that they must be protected financial. Like other people, they may get injured and go out of work for several weeks. Some of them think that group insurance provided by their employer is enough, which is a misconception. Let’s find out why physicians should go for disability insurance for physicians.

Tips to buy Disability Insurance for Physicians

Get quotes from several providers

If you are shopping for disability insurance for physicians, know that some factors will have an impact on the quote you will get. So, you should shop around and ask many insurance providers for quotes. Based on your employment status, health, income, specialty, age and gender, the policy specifics will be determined.

Study the contract

The contract for disability insurance for physicians should clearly state that the insurance provider will pay you the agreed benefits in case of your disability due to an injury or illness. So, what you need to do is study the contract and then ask questions to get a better understanding of all the terms and conditions.

Buy from a reputable provider

It’s better than you purchase disability insurance for physicians from a reputable provider. The cost of the policy may be between 1 and 3% of your income. Based on several factors, the underwriting process may take up to 6 weeks.

Realize the importance of disability insurance for physicians

If you look at disability statistics, you will come to know that 1 out of 3 people between the ages of 30 and 40 years get some type of disability at some point in their lives. Also, the disability can last up to 32 months.

The good news is that even if you already have a health condition, insurance providers can still accept you for disability insurance for physicians. There is an exclusion clause that allows some insurance companies to provide insurance for physicians.

The takeaway

In short, being a physician, your responsibility is to ensure that your patients get the best treatment. But that doesn’t mean you can ignore your own health and overall wellbeing. Therefore, you may want to consider buying disability insurance for physicians. Since each policy is somewhat different, make sure you do your research to know about the specifics of the policy you are taking into account.


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