Physicians spend a lot of time, money, and effort building a career that promises to be lucrative and rewarding in many different ways. Unfortunately just like everyone else, doctors are at risk of illness or injury that could prevent them from earning a living. When that happens it’s important to have long term disability insurance for physicians. If you’re planning to get that coverage, don’t make these common mistakes.
- Not Doing Your Homework
Buying a group disability insurance plan might seem like an easy way to get the coverage you need, but in some cases you’ll be surprised to learn that the coverage isn’t that great. It may have:
- Premiums that increase every few years
- Changing contract terms or unexpected cancellation
- Limited benefits based on your disability
With a private disability plan you can choose a strong underwriter that offers the benefits you expect and review the contract fully so you have the protection you expect.
- Delaying Coverage
As a physician you instruct your patients to take steps to improve their health and protect themselves today – so why are you waiting to buy disability coverage? It’s not always pleasant to think about the potential for disability but accidents can happen to anyone at any time, and waiting until you are older or more likely to need the insurance can make it more expensive. Don’t delay purchasing long term disability insurance for physicians.
- Not Buying from a Disability Expert
While you might have a great insurance agent, only someone who specializes in disability insurance can get you the best policy that gives you the protection you expect. With high income potential and a specialized profession it’s critical that you have the right coverage from someone who understands the disability insurance market.