CONTINUE EARNING EVEN WHEN DISABLED!

A doctor or physician is rendered disabled once he or she is unable to perform his duties since the time the disabilities where noted as defined by the own occupation. Many might fear the outcome of this unfortunate situation in case it comes upon them. However, there is no need to be alarmed. With current trends in the field of medicine, there’s now disability insurance for doctors .In the case of death, there is life insurance for doctors to safeguard the deceased’s  family.

Disability can either be partial or total disability. Total disability is whereby the person in question is: unable to perform his duties as defined by his/her occupation, under the care of a trained physician or if the person is not engaged in any occupation as a result of the disability. Partial disability on the other hand is the state of a drawback in work performance due to injury and a decreased income by twenty percent.

Interested doctors and physicians willing to get these insurance policies have several companies they can consider. Some examples include; Berkshire life, MetLife, Union Centre life and Mass Mutual among others. The important factors to consider in order deciding which company is best suited for you are; the company’s insurance policies, which depend on the classification of your occupation. A higher classification earned the doctor or physician a low premium rate and vise versa.

It is of paramount importance to note that some companies rank classes of occupations all on their own. Hence one should read their policies to see where they are ranked instead of assuming. Generally any disability insurance for doctors should be non-cancellable and there should be a guarantee of renewal. This means that the policy cannot be changed and there should also not be any changes in premiums. Any changes that are necessary to be made by the insurance company must therefore be approved by the state of insurance department.

Another crucial point to consider is that your pay slip must reflect at least twenty percent decrease in income compared to the pre-disability period. This is crucial if one is to qualify for the insurance benefits. Disability insurance for doctors is beneficial for doctors and physicians because even after a recovery has been made and a decline in salary is still witnessed, benefits can still be rendered. There are terms that one must understand in order to get what the policy means: Elimination period is one of them. It means; the number of days that take after an injury before your monthly disability benefit can be paid.

The second word is benefit period; it means, is the period in which you are considered still a disabled and you still receive benefits. Life insurance for doctors comes in handy when the doctor wants his/her family protected after his/her demise. The family accesses the benefits after the death of the insurance policy holder. There is no big difference between the disability and life insurance for doctors apart from the claimers of the benefits.

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