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1. Own-Occupation Coverage

When it comes to disability insurance, not all policies are created equal. One critical feature often overlooked is own-occupation coverage. This ensures that if you become unable to perform your specific medical specialty, you will still receive benefits, even if you can work in another capacity.

Why it matters: As a highly trained medical professional, your earning potential is closely tied to your specific skills. Without own-occupation coverage, you might find yourself in a situation where you’re unable to practice your specialty but are not eligible for benefits because you can still work in another field.

2. Residual or Partial Disability Benefits

Another important detail is whether your policy includes residual or partial disability benefits. This provision pays a portion of your benefits if you can still work but experience a loss of income due to a disability.

Why it matters: A disability might not completely sideline you but could reduce your working hours or effectiveness, leading to a significant income drop. Residual benefits ensure that you’re financially protected even if you can still perform some of your duties.

3. Future Increase Options

Many physicians overlook the importance of future increase options (FIOs) in their disability insurance policies. FIOs allow you to increase your coverage amount as your income grows without undergoing additional medical underwriting.

Why it matters: Your income is likely to increase as you advance in your career. FIOs ensure that your coverage keeps pace with your rising income, providing adequate protection throughout your career without the hassle of requalifying medically.

4. Non-Cancelable and Guaranteed Renewable Policies

It’s crucial to choose a policy that is non-cancelable and guaranteed renewable. This means that as long as you pay your premiums, the insurance company cannot cancel your policy or change your premium rates.

Why it matters: Stability and predictability are key in long-term financial planning. A non-cancelable and guaranteed renewable policy gives you peace of mind, knowing that your coverage terms and costs will remain consistent over time.

5. Cost of Living Adjustment (COLA) Riders

Lastly, a commonly overlooked feature in disability insurance policies is the Cost of Living Adjustment (COLA) rider. This rider adjusts your benefits each year to keep up with inflation, ensuring that your purchasing power is maintained over time.

Why it matters: Inflation can erode the value of your benefits, especially if you’re on a long-term claim. A COLA rider helps ensure that your benefits increase in line with the cost of living, providing you with financial stability throughout the duration of your disability.

 

 

Ready to secure your future?

Request a free quote for disability insurance today and take the first step towards safeguarding your career and peace of mind. Your future self will thank you.