In order to become a physician, you’ve had to work very hard and you likely spent a lot of time and money working toward your position. The last thing you want is to see the income you’ve poured your blood, sweat, and tears into threatened as a result of an unexpected disability.
Unfortunately, a disability can materialize at any time, and you probably won’t be able to see it coming. That’s why purchasing the right physician disability insurance plan is so critical. Having the proper plan in place will ensure that enough of your income will be protected in the event of a disability so that you can continue to maintain the standard of living that you’re used to.
There’s a lot to learn about the different options available, but it’s good to understand the foundation before diving into the nitty-gritty details.
There are both group and individual policies available. Here’s what you need to know about individual plans:
Individual Physician Disability Insurance
When you purchase an individual disability plan, it’s yours for as long as the premium is paid. Unless you decide to add more coverage, your rates won’t change. It may be beneficial to supplement a group policy with an individual plan to fill in any gaps in coverage.
Individual plans are portable, which means they follow you wherever you go. You won’t lose your benefits for changing jobs or discontinuing your group policy.
The process of purchasing an individual plan usually takes 4-6 weeks, so it’s wise to get it going as soon as possible.
We’re Here to Help
If your long-term physician disability insurance claim was denied or you need help filing for benefits, our attorneys may be able to help. Our team has helped many other people secure the benefits they needed. Let us see if we can help you, too.
Call Dabdoub Law Firm today at (800) 969-0488 to speak with an attorney about your case.