Own Occupation Protection in the event of a Total Disability is vital to insuring income for any physician. To recap, if a physician is unable to perform the material duties of his/her occupation then we want to make sure that the client is deemed totally disabled, REGARDLESS of any ability to earn other income doing other things. For example, should an orthopedic surgeon not be able to operate due to an accident or illness, a policy that includes Own Occupation/Specialty Own Occupation language will allow for full benefits to be paid to the insured even if they can do office orthopedics and earn income. We certainly recommend that most Doctors, Physician Assistants, Dentists, Nurse Anesthetists etc secure individual disability insurance to protect their trained specialties.
Future Increase Option/Benefit Update is vital to a young physician starting their career as incomes typically rise substantially over the first 5 years in practice or employment after training is complete. In order to best coordinate with rising incomes, it’s important to review disability insurance monthly benefits annually to make sure that the fullest amount available has been secured. Each time a benefit is locked in and placed in force, we can fix and guarantee that cost annually for as long as the insured wishes to keep the policy (typically to age 65/67). It’s advantageous form a cost standpoint to accept increases in benefit at each younger age so as to keep premiums as low as possible. By including the Increase Options that either allow for annual review and increase or required review every 3 years, all carriers make increasing benefits easy by only needing proof of income and current employer provided benefit details to determine new eligible amounts and pricing. There is no medical review necessary for any future increase benefit options. Under most plans, all resident discounts also carry over to newly increased benefits, though not all do so…check with us in advance to make sure!