As a physician, it’s very important that your income is protected in the event you become disabled for any reason. You’ve worked very hard to be able to earn your level of income, so you’ll want to do everything you can to make sure it’s not threatened in any way.
While it may be uncomfortable to imagine becoming disabled to the point that it impacts your earning capacity, it will be much more uncomfortable to need this coverage and not have enough.
There are many different options to choose from, but it’s a good idea to first understand the differences between group and individual physician disability insurance plans.
Here are the details about group policies:
Group Physician Disability Insurance
Group insurance plans will typically be offered to employees or members of an organization, in which disability coverage is usually an added benefit. It’s common for trade associations to provide them as a membership benefit.
One benefit to enrolling in a group plan is that it is a guaranteed issue. That means if you apply, you’ll automatically be enrolled for coverage—there is no underwriting. Another benefit of group plans is that they are less expensive than individual policies.
However, it’s important to keep in mind that if your income is higher than average, a group plan may not provide sufficient coverage. Additionally, if you leave the organization providing you with the group plan, you’ll lose your coverage.
We’re Here for Your Support
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.