Friday, 14 February 2014

INSURANCE FACTS YOU PROBABLY DIDN’T KNOW



Getting an insurance cover can be quite the headache especially if you are informed about the procedures or the ways in which the process can be made easier. It is especially harder to get one for people who are working professionally. Disability insurance for professionals varies depending on the type of claim. The more serious your claim, the more of a headache you are likely to have, especially if you have expectations that are too high about what you believe you are covered for.
The funniest things is that the best paid professionals are usually the ones who fall at most risk of falling into financial problems because they are less prepared for problems such as this. Disability insurance for doctors is one of the hardest to acquire, mostly because they are usually insured at work. However health cover is very different from disability cover and individuals stand at a higher chance of being ill prepared should the need for disability cover arise.
Most employers usually provide disability insurance for doctors in group plans for the purposes of limiting benefits. This has been done in many cases where the company agrees to pay for around 65% of current monthly income but also, almost undoubtedly place a clause within the agreement where they allow themselves to institute a dollar benefit limit. In addition to this, you should also note that employer pad benefits are taxable, making the amount of benefits or the amount in benefits reduce drastically. Either way, employees often find themselves in problems because these things are often not mentioned till you actually need insurance cover. Most plans will limit the benefit amount from $10,000 – $12,000 per month.
Something to also keep in mind when it comes to disability insurance for professionals is the fact that your employer paid plan benefits are limited to a certain mount, usually between $10,000 – $12,000 per month. This limit therefore presents a challenge for high income earners. The best way that any professional can ensure that they get more than enough cover is by securing a high limit alternative disability insurance plan in addition to the one that the currently have or for supplementary purposes.
If you want to insure protection against financial loss and still maintain your lifestyle, you can come up with a properly structured disability insurance cover that will increase your limit, therefore making it easier for you to get more benefits. An alternative to this would be getting an “own-occupation” physician disability insurance. This kind of plan ensures that someone is covered and can receive payment until they are able to et back to work.
There are some cases which can be dire, however and people are unable to return to work. If that is the case, fret not, you can still receive benefits by opting for the Lump Sum Payout plan. Most insurers actually recommend that people get this kind of plan as it covers you whether or not you are able to return to work, unlike the former.
About the author:  
http://www.omnimedfinancial.com/  will give you more details regarding your concern.

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