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.
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